Problem 13-5A The following stockholders\' equity accounts arranged alphabetical
ID: 2604067 • Letter: P
Question
Problem 13-5A The following stockholders' equity accounts arranged alphabetically are in the ledger of Galindo Corporation at December 31, 2017. Common Stock ($5 stated value) Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock $1,950,000 10,000 650,000 1,590,000 775,000 1,740,000 130,000 Preferred Stock (8%, $50 par) Retained Earnings Treasury Stock (10,000 common shares) Prepare a stockholders' equity section at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.) GALINDO CORPORATION Balance Sheet (Partial)Explanation / Answer
Stockholder's Equity Paid in capital Capital Stock 8% preferred stock ,$50 par value15,500 shares issued & outstanding 775,000 Common stock $5 stated value,issued 390,000 shares 1,950,000 Total capital stock 2,725,000 Addittional paid in capital in excess of par-preferred stock 650,000 in excess of stated value-common stock 1,590,000 From treasury stock 10,000 total addittional paid in capital 2,250,000 Total paid in capital. 4,975,000 Retained earnings 1,740,000 total paid in capital and retained earnings 6,715,000 less:Treasury stock (10,000 shares) -130,000 Total stockholder's Equity 6,585,000