13-16 End Page Down ho (S.O. 6) Charlatans Corporation had the following stockho

Question

13-16 End Page Down ho (S.O. 6) Charlatans Corporation had the following stockholders' equity accounts at December 31 EX. 13-2 RNING read Safety & Comf 150,000 Common stock ($1 par value) Preferred stock ($50 par value, 6%) Paid-in Capital in Excess of Par Value Common Paid-in Capital from Treasury Stock-Common Retained Earnings Treasury stock- common at cost 500,000 1,560,000 250,000 340,000 190,000 At December 31, the number of common and preferred shares were: Authorized issued Outstanding Common 500,000 150,000 140,000 Preferred 50,000 10,000 10,000 Instructions Prepare the stockholders' equity section at December 31

Explanation / Answer

CHARLATANS CORPORATION Stockholders’ equity Paid-in capital Capital stock Preferred stock, $50 per value 6% 50,000 Share authorized, 10,000 shares issued and outstanding $500,000 Common Stock, $1 par value, 500,000 shares authorized, 150,000 shares issued and 140,000 shares outstanding $150,000 $650,000 Additional paid-in capital Excess over par value - Common stock $1,560,000 From treasury stock - Common $250,000 Total additional paid in capital $1,810,000 Total paid in capital $2,460,000 Retained earnings $340,000 Total paid-in capital and retained earnings $2,800,000 Less: Treasury Stock (10,000 common shares at cost) -$190,000 Total stockholders’ equity $2,610,000

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