Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholde

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Stockholders’ Equity: Transactions and Balance Sheet Presentation
The stockholders’ equity accounts of Scott Corporation at January 1 follow:

During the year, the following transactions occurred:

Closed the net income of $72,500 to the Retained Earnings account.

c. Prepare the December 31 stockholders’ equity section of the balance sheet.

Common stock, $5 par value, 350,000 shares authorized; 150,000 shares issued and outstanding $750,000 Paid-in capital in excess of par value 600,000 Retained earnings 346,000

Explanation / Answer

Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholde

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