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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:**Telex Inc. Balance Sheet**
**December 31, 20Y7**
**Stockholders’ Equity**
**Paid-in Capital:**
- **Preferred 10% stock, $50 par (2,000 shares authorized and issued):** $100,000
- **Excess of issue price over par (Preferred Stock):** $10,000
**Total Paid-in Capital, Preferred Stock:** $110,000
- **Common stock, $20 par (50,000 shares authorized, 45,000 shares issued):** $900,000
- **Excess of issue price over par (Common Stock):** $190,000
**Total Paid-in Capital, Common Stock:** $1,090,000
- **From sale of treasury stock:** $2,000
**Total Paid-in Capital:** $1,202,000
**Retained Earnings:** $350,000
**Total:** $1,552,000
**Treasury Stock (600 shares at cost):** ($27,000)
**Total Stockholders’ Equity:** $1,525,000

Transcribed Image Text:**Preferred Stock Information:**
- Number of Shares Authorized: ____
- Number of Shares Issued: ____
- Par Value of Preferred Stock: ____
- Total Cash Received from Sale of Preferred Stock: ____
- Market Price Per Share of Preferred Stock: ____
**Common Stock Information:**
- Number of Shares Authorized: ____
- Number of Shares Issued: ____
- Par Value of Common Stock: ____
- Total Cash Received from Sale of Common Stock: ____
- Market Price Per Share of Common Stock: ____
**Additional Information:**
- Number of Treasury Shares: ____
- Number of Common Shares Outstanding: ____
- Cost Per Share of Treasury Stock: ____
**Trial Balance:**
| Item | Debit | Credit |
|-----------------------------------------------|-----------|-----------|
| Preferred 5% Stock, $80 Par | | 80,000 |
| Paid-In Capital in Excess of Par - Preferred Stock | | 1,000 |
| Common Stock, $2 Par | | 120,000 |
| Paid-In Capital in Excess of Par - Common Stock | | 60,000 |
| Retained Earnings | | 75,000 |
| Treasury Stock | 20,000 | |
**Authorized Shares:**
- Common: 200,000
- Preferred: 120,000
**Treasury Shares:**
- 5,000
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