The following accounts and their balances appear in the ledger of Goodale Proper
ID: 2449939 • Letter: T
Question
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:
1
Common Stock, $45 par
$3,060,000.00
2
Paid-In Capital from Sale of Treasury Stock
115,000.00
3
Paid-In Capital in Excess of Par-Common Stock
272,000.00
4
Retained Earnings
20,553,000.00
5
Treasury Stock
324,000.00
Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock
The stock outstanding when a corporation has issued only one class of stock.
are authorized, and 9,000 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” will automatically appear if required.
1
Common Stock, $45 par
$3,060,000.00
2
Paid-In Capital from Sale of Treasury Stock
115,000.00
3
Paid-In Capital in Excess of Par-Common Stock
272,000.00
4
Retained Earnings
20,553,000.00
5
Treasury Stock
324,000.00
Explanation / Answer
(Amount in $)
Common stock, $45 par; 80,000 shares authorized, 68,000 issued 3,060,000.00 Excess of issue price over par From sale of treasury stock 115000 From sale of common stock 272000 387,000.00 Total Paid in Capital 3,447,000.00 Retained Earnings 20,553,000.00 Less: Treasury stock; 9,000 shares at cost (324,000.00) Total Stockholders’ Equity 23,676,000.00Related Questions
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