The following accounts and their balances appear in the ledger of Goodale Proper
ID: 2420220 • Letter: T
Question
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:
1
Common stock, $47 par; 80,000 shares authorized, 65,400 issued
$3,073,800.00
2
Paid-In Capital from Sale of Treasury Stock
119,000.00
3
Paid-In Capital in Excess of Par-Common Stock
261,600.00
4
Retained Earnings
19,185,100.00
5
Treasury Stock
326,800.00
Instructions
Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 8,600 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” will automatically appear if required.
Accounts and Amount Descriptions
Treasury stock; 8,600 shares at cost
Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 8,600 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” will automatically appear if required.
Stockholders’ Equity
Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 8,600 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” will automatically appear if required.
Goodale Properties Inc.
Stockholders’ Equity
June 30, 20XX
1
Paid-in capital:
2
3
4
5
6
7
8
9
1
Common stock, $47 par; 80,000 shares authorized, 65,400 issued
$3,073,800.00
2
Paid-In Capital from Sale of Treasury Stock
119,000.00
3
Paid-In Capital in Excess of Par-Common Stock
261,600.00
4
Retained Earnings
19,185,100.00
5
Treasury Stock
326,800.00
Explanation / Answer
Answer:
Goodale Properties Inc. Statement of Stockholders’ Equity June 30, 20XX Common stock, $47 par; 80,000 shares authorized, 65,400 issued 3073800 Paid-In Capital in Excess of Par 261600 Paid-In Capital from Sale of Treasury Stock 119000 Retained Earnings 19185100 Less: Treasury Stock, 8600 shares 326800 Total stockholders' equity 22312700