PROBLEM 6 (15 points) The following stockholders\' equity accounts, arranged alp

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PROBLEM 6 (15 points) The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Best Deal Inc. at December 31,2017. Retained Earnings Common Stock ($25 stated value) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (9%, $40 par, noncumulative) Treasury Stock-Common; costing $13 per share 750,000 950,000 280,000 550,000 380,000 117,000 Instructions: Prepare the stockholders' equity section of the balance sheet at December 31, 2017 assuming that the number of authorized common stock shares is 55,000 and the number of authorized preferred shares is 50,000 Note: Write clearly and use proper labels [do not abbreviatel. To earn full credit, you must write down the appropriate levels for each shown amount.

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Solution 6:

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Best Deal Inc Balance Sheet - Stockholder's Equity Section 31-Dec-17 Particulars Amount Stockholders Equity: Common Stock, no par, 55,000 shares authorized, stated value $25 per share, 38,000 shares Issued and outstanding $950,000.00 9% preferred stock, $40 par, 50000 shares authorized, 9500 shares issued and outstanding $380,000.00 Paid-in capital in excess of stated value—common stock $550,000.00 Paid-in capital in excess of par—preferred stock $280,000.00 Total contributed capital $2,160,000.00 Retained Earnings $750,000.00 Treasury Stock -$117,000.00 Total Stockholder's Equity $2,793,000.00

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