At December 31st, the Jeter Company had the following ending balances; Retained

Question

At December 31st, the Jeter Company had the following ending balances;

Retained Earnings - $100,000

Preferred Stock ($100 par, 7% cumulative, 10,000 authorized, 5,000 issued and outstanding) - 500,000

Treasury stock - $35,000

Additional paid in capital - common stock - 400,000

Additional paid in capital - preferred stock - 50,000

Common stock ($5.00 par value, 100,000 shares authorized, 60,000 issued) - 300,000

Prepare the stockholders equity section of the balance sheet in good form with all of the required disclosures.

Explanation / Answer

Shareholders Equity Section Common Stock, $5 par value, 100000 shares authorized, 60000 shares Issued $300,000 Preferred Stock, $100 Par, 7% Cumulative,10000 shares authorized, 5000 shares Issued and Outstanding $500,000 Additional Paid-in Capital Common Stock $400,000 Additional Paid-in Capital Preferred Stock $50,000 Retained Earnings $100,000 Less: Treasury Stock ($35,000) Total Stockholder's Equity $1,315,000

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