Splish Brothers Inc. December 31, 2017 balance sheet showed the following: 6% pr

Question

Splish Brothers Inc. December 31, 2017 balance sheet showed the following:

6% preferred stock, $20 par value, cumulative,

     30000 shares authorized; 21000 shares issued

$ 420000

Common stock, $10 par value, 3,000,000 shares authorized;

     1,950,000 shares issued, 1,920,000 shares outstanding

19500000

Paid-in capital in excess of par value - preferred stock

73000

Paid-in capital in excess of par value - common stock

28700000

Retained earnings

9650000

Treasury stock (26000 shares)

546000

Splish total stockholders' equity was

$47979000.

$706610.

$57797000.

$58889000.

6% preferred stock, $20 par value, cumulative,

     30000 shares authorized; 21000 shares issued

$ 420000

Common stock, $10 par value, 3,000,000 shares authorized;

     1,950,000 shares issued, 1,920,000 shares outstanding

19500000

Paid-in capital in excess of par value - preferred stock

73000

Paid-in capital in excess of par value - common stock

28700000

Retained earnings

9650000

Treasury stock (26000 shares)

546000

Explanation / Answer

The correct answer is:

$57797000

Note :

6% preferred stock, $20 par value, cumulative, 30000 shares authorized; 21000 shares issued 420,000 Add: Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000 Add: Paid-in capital in excess of par value - preferred stock 73,000 Add: Paid-in capital in excess of par value - common stock 28,700,000 Add: Retained earnings 9,650,000 Less: Treasury stock (26000 shares) 546,000 Splish total stockholders' equity 57,797,000

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