At December 31, Idaho Company had the following ending account balances:

Retained Earnings $250,000

Preferred Stock ($100 par, 7% cumulative, 10,000 authorized,

5,000 issued and outstanding) 500,000

Treasury Stock 40,000

Paid-In Capital in Excess of Par-Common Stock 625,000

Paid-In Capital in Excess of Par-Preferred Stock 50,000

Common Stock ($5 par value, 500,000 shares authorized,

105,000 issued) 525,000

Required:

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

Question

Business

Deangelo

24 December, 12:36

At December 31, Idaho Company had the following ending account balances:

Retained Earnings $250,000

Preferred Stock ($100 par, 7% cumulative, 10,000 authorized,

5,000 issued and outstanding) 500,000

Treasury Stock 40,000

Paid-In Capital in Excess of Par-Common Stock 625,000

Paid-In Capital in Excess of Par-Preferred Stock 50,000

Common Stock ($5 par value, 500,000 shares authorized,

105,000 issued) 525,000

Required:

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

+1

Answers (1)

Know the Answer?

Armani Odonnell · Answer 1

Balance of Stockholder's Equity at December 31 is $1,910,000.

Explanation:

This will appear as follows

Idaho Company

Details $

Stockholder's Equity:

Common Stock 525,000

Preferred Stock 500,000

Additional Paid-In Cap. - Common Stock 625,000

Additional Paid-In Cap. - Preferred Stock 50,000

Treasury Stock (40,000)

Retained Earnings 250,000

Balance at December 31 1,910,000