Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019April 30, 2019Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding$8,880,000 $8,880,000 Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively ? 2,400,000 Additional paid-in capital 14,670,000 14,140,000 Retained earnings 12,070,000 11,794,000 Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively (1,932,000) (1,872,000)Total stockholders' equity$? $35,342,000 !Required information[The following information applies to the questions displayed below.]Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:Мay 31, 2019April 30, 2019Paid-in capital:Preferred stock, $120 par value, 5%, cumulative, 100,000 sharesauthorized, 74,000 shares issued and outstandingCommon stock, $6 par value, 600,000 shares authorized, 420,000 and400,000 shares issued, respectivelyAdditional paid-in capitalRetained earnings$ 8,880,000$ 8,880,00014,670,00012,070,0002,400,00014,140,00011,794,000Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,respectively(1,872,000)$35,342,000(1,932,000)Total stockholders' equity$?Required:a. Calculate the amount that should be shown on the balance sheet for common stock at May 31, 2019.Common stock

Solution: Amount of common stock on Balance sheet at May 31, 2019 = issued shares * Par value per…

Answered: Paid-in capital: Preferred…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:

	May 31, 2019	April 30, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding	$	8,880,000		$	8,880,000
Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively		?			2,400,000
Additional paid-in capital		14,670,000			14,140,000
Retained earnings		12,070,000			11,794,000
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively		(1,932,000	)		(1,872,000	)
Total stockholders' equity	$	?		$	35,342,000

!
Required information
[The following information applies to the questions displayed below.]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
Мay 31, 2019
April 30, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares
authorized, 74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and
400,000 shares issued, respectively
Additional paid-in capital
Retained earnings
$ 8,880,000
$ 8,880,000
14,670,000
12,070,000
2,400,000
14,140,000
11,794,000
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
(1,872,000)
$35,342,000
(1,932,000)
Total stockholders' equity
$
?
Required:
a. Calculate the amount that should be shown on the balance sheet for common stock at May 31, 2019.
Common stock

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