Stockholders' Equity Section

Stockholders’ Equity Section

1. Prepare the stockholders’ equity section of the balance sheet.

After closing its books on December 31, Pro Parts’ stockholders’ equity accounts had the following balances:

Common stock subscriptions receivable $5,140
Common stock, $5 par, 11,900 shares 59,500
Preferred stock, $10 par, 4%, 4,080 shares 40,800
Common stock subscribed, $5 par, 5,200 shares 26,000
Paid-in capital in excess of par-common stock 4,270
Retained earnings 37,380

Expert Answer

 

PRO PARTS
Stockolder’s Equity
Paid up common stock
Common stock , $5 par 59500
(fully paid , 11,500 shares)
Common stock, $5 par 26000
(Subscribed , 5,200 shares)
Less: Subscription due -5140 20860
Paid-in-capital in excess, common stock 4270
Total paid up common stock 84630
4% Preferred stock, $10 par 40800
(4,080 shares paid up)
Retained earnings 37380
Total Stockholders Equity 162810
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