Chapter 13 Corporations: Organization, Stock Transactions, and Dividends627 EX 1

Question

Chapter 13 Corporations: Organization, Stock Transactions, and Dividends627 EX 13-15 Stockholders' Equity section of balance sheet OBJ.6 s' The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $45 par . Paid-In Capital from Sale of Treasury Stock 3,060,000 115,000 272,000 Retained Earnings Treasury Stock 20,553,000 324,000 Prepare the Stockholders' Equity section of the balance sheet as of June 30. Eighty thou- sand shares of common stock are authorized, and 9,000 shares have been reacquired.

Explanation / Answer

Solution 13-15:

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Goodale Properties Inc. Balance Sheet - Stockholder's Equity Section Jun'30 Particulars Amount Stockholders Equity: Common Stock, $45 par, 80,000 shares authorized, 68,000 shares Issued and outstanding $3,060,000.00 Paid-in capital in excess of par—common stock $272,000.00 Paid in capital from sale of treasury stock $115,000.00 Total contributed capital $3,447,000.00 Retained Earnings $20,553,000.00 Treasury Stock -$324,000.00 Total Stockholder's Equity $23,676,000.00

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