Question

Exercise 13-11 The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Eudaley Corporation at December 31, 2017. Common Stock ($6 stated value) $2,028,000 Paid-in Capital in Excess of Par—Preferred Stock 280,000 Paid-in Capital in Excess of Stated Value—Common Stock 851,000 Preferred Stock (8%, $100 par) 550,000 Retained Earnings 1,170,000 Treasury Stock (10,000 common shares) 120,000 Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.

Answer 1

Answer:

EQUITY

Common stock                                                                           $2,028,000

Preferred stock                                                                           $550,000

Paid-in Capital excess of stated value- common stock           $851,000

Paid-in excess of par - Preferred stock                                     $280,000

Retained Earnings                                                                       $1,170,000

Treasury stock                                                                            -$120,000

Total Equity                                                                          $4,759,000

Explanation: