At December 31st, the Jeter Company had the following ending balances: Retained

Question

At December 31st, the Jeter Company had the following ending balances: Retained Earnings - $100,000 Preferred Stock ($100 par, 7% cumulative, 10,000 authorized, 5,000 issued and outstanding) - 500,000 Treasury Stock - $35,000 Additional Paid In Capital - Common Stock - 400,000 Additional Paid In Capital - Preferred Stock - 50,000 Common Stock ($5.00 par value, 100,000 shares authorized, 60,000 issued) - 300,000 Prepare the stockholders' equity section of the balance sheet in good form with all of the required disclosure

Explanation / Answer

Preferred stock, $100 par 7% Cumulative (10,000 shares authorized, 5000 shares issued & outsrtanding) $500,000 Additional paid-in capital-Pref $50,000 Common stock, $5 par (100,000 shares authorized, 60,000 shares issued) $300,000 Additional paid-in capital $400,000 ------------------------------------------------- Total Paid in Capital $1250,000 Retained earnings $100,000 Less: Treasury Stock ($35,000) ---------------------------------------- Total Shareholders Equity $1315,000

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