Flounder Corp. has these accounts at December 31: Common Stock, $12 par, 5,000 s

Question

Flounder Corp. has these accounts at December 31: Common Stock, $12 par, 5,000 shares issued, $60,000; Paid-in Capital in Excess of Par Value $18,500; Retained Earnings $43,500; and Treasury Stock, 450 shares, $9,900.

Prepare the stockholders' equity section of the balance sheet. Flounder Corp. Balance Sheet (Partial) December 31 Stockholders' Equity Paid-in Capital dditional Paid-in Capital Common Stack Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock 1850 Capital Stock Total Paid-in Capital Less v Treasury Stock Total Liabilities and Stockholders' Equity

Explanation / Answer

Balance sheet (partial )

Stockholder's equity Paid in capital Capital Stock Common Stock 60000 Additional paid in capital Paid in capital in excess of par value-Common Stock 18500 Total paid in capital 78500 Retained earnings 43500 Total paid in capital and retained earnings 122000 Less : Treasury Stock -9900 Total Stockholder's equity 112100

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