FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**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
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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
**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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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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