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31 October, 17:10

At December 31, Idaho Company had the following ending account balances:

Retained Earnings $250,000

Preferred Stock ($100 par, 7% cumulative, 10,000 authorized,

5,000 issued and outstanding) 500,000

Treasury Stock 40,000

Paid-In Capital in Excess of Par-Common Stock 625,000

Paid-In Capital in Excess of Par-Preferred Stock 50,000

Common Stock ($5 par value, 500,000 shares authorized,

105,000 issued) 525,000

Required:

Prepare the Stockholders' equity section of the balance sheet in good form with all of the required disclosures.

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Answers (1)
  1. 31 October, 18:28
    0
    Balance of Stockholder's Equity at December 31 is $1,910,000.

    Explanation:

    This will appear as follows

    Idaho Company

    Details $

    Stockholder's Equity:

    Common Stock 525,000

    Preferred Stock 500,000

    Additional Paid-In Cap. - Common Stock 625,000

    Additional Paid-In Cap. - Preferred Stock 50,000

    Treasury Stock (40,000)

    Retained Earnings 250,000

    Balance at December 31 1,910,000
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