Question

Cullumber Company has the following accounts at December 31: Common Stock, $8 par, 4,500 shares issued, $36,000; Paid-in Capital in Excess of Par-Common Stock $31,000; Retained Earnings $46,000; and Treasury Stock, 400 shares, $8,000. Prepare the stockholders' equity section of the balance sheet. (Enter the account name only and do not provide the descriptive information provided in the question.) Cullumber Company Balance Sheet (Partial) $ > $

Answer 1

The balance sheet of the Cullumber Company will have the balance as shown below in the given table,

The Balance Sheet (Partial) of Cullumber Company as on 31st December

Shareholders equity

Paid in capital

Capital stock

Common stock                                                                                   36,000

Paid in capital in excess of par

Common stock                                                                                   31,000

Total paid in capital                                                                           67,000

Retained earnings                                                                              46,000

Total paid in capital and retained earnings                                    1,13,000

Less: Treasury stock                                                                            8,000

Total stockholders' equity                                                               1,05,000

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