The following stockholders’ equity accounts, arranged alphabetically, are in the

Question

The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Flint Corporation at December 31, 2017.

Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.

Common Stock ($2 stated value) $2,800,000 Paid-in Capital in Excess of Par Value—Preferred Stock 78,750 Paid-in Capital in Excess of Stated Value—Common Stock 1,837,500 Preferred Stock (6%, $100 par, noncumulative) 1,050,000 Retained Earnings 2,334,500 Treasury Stock (21,000 common shares) 126,000

Explanation / Answer

Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.

Common Stock 2800000 Paid-in Capital in Excess of Par Value—Preferred Stock 78750 Preferred Stock (6%, $100 par, noncumulative) 1050000 Paid-in Capital in Excess of Stated Value—Common Stock 1837500 Total contributed capital 5766250 Retained earnings 2334500 Total 8100750 Less: Treasury stock -126000 Total stockholder's equity 7974750

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