The following accounts appear in the ledger of Metlock, Inc. after the books are
ID: 2341479 • Letter: T
Question
The following accounts appear in the ledger of Metlock, Inc. after the books are closed at December 31, 2017. Common Stock (no-par, $1 stated value, 418,500 shares authorized, 339,500 shares issued) $ 339,500 Paid-in Capital in Excess of Stated Value—Common Stock 1,210,500 Preferred Stock ($50 par value, 8%, 39,100 shares authorized, 16,000 shares issued) 800,000 Retained Earnings 901,000 Treasury Stock (7,650 common shares) 60,350 Paid-in Capital in Excess of Par Value—Preferred Stock 33,250 Accumulated Other Comprehensive Loss 31,400 Prepare the stockholders’ equity section at December 31, assuming $100,000 of retained earnings is restricted for plant expansion.
Explanation / Answer
Prepare the stockholders’ equity section at December 31, assuming $100,000 of retained earnings is restricted for plant expansion.
Paid in capital Common Stock 339500 Preferred stock 800000 1139500 Additional paid in capital Paid-in Capital in Excess of Stated Value—Common Stock 1210500 Paid-in Capital in Excess of Par Value—Preferred Stock 33250 1243750 Total Paid in capital 2383250 Retained earnings Restricted for plant expansion 100000 Unrestricted 801000 901000 Accumlated other comprehensive loss -31400 Total 3252850 Less: Treasury stock -60350 Total Stockholder's equity 3192500