Prepare the "Stockholders' Equity" section of the balance sheet as of June 30.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The image contains a section of a financial statement form focused on equity. It primarily deals with recording and calculating stockholders' equity.

1. **Total Paid-In Capital**: There is a dropdown menu for selecting specific details related to paid-in capital. An adjacent box is available for inputting the corresponding dollar amount.

2. **Total**: A second dropdown menu is provided for choosing further relevant financial data, with a subsequent box for entering a dollar amount.

3. **Total Stockholders' Equity**: Lastly, another box is available to input the total dollar amount for stockholders' equity, which typically sums up equity components like paid-in capital and retained earnings. 

These sections are designed to help in the organization and calculation of a company’s equity, essential for shareholders and financial reporting.
Transcribed Image Text:The image contains a section of a financial statement form focused on equity. It primarily deals with recording and calculating stockholders' equity. 1. **Total Paid-In Capital**: There is a dropdown menu for selecting specific details related to paid-in capital. An adjacent box is available for inputting the corresponding dollar amount. 2. **Total**: A second dropdown menu is provided for choosing further relevant financial data, with a subsequent box for entering a dollar amount. 3. **Total Stockholders' Equity**: Lastly, another box is available to input the total dollar amount for stockholders' equity, which typically sums up equity components like paid-in capital and retained earnings. These sections are designed to help in the organization and calculation of a company’s equity, essential for shareholders and financial reporting.
**Stockholders' Equity Section of Balance Sheet**

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:

- Common Stock, $15 par: $138,000
- Paid-In Capital from Sale of Treasury Stock: $6,000
- Paid-In Capital in Excess of Par—Common Stock: $11,040
- Retained Earnings: $228,000
- Treasury Stock: $8,550

**Instructions:**

Prepare the "Stockholders' Equity" section of the balance sheet as of June 30. Regarding the common stock, 50,000 shares are authorized, and 450 shares have been reacquired.

---

**Goodale Properties Inc.**  
**Stockholders' Equity**  
**June 30, 20XX**

| Line Item Description                                                 | Amount  | Amount | Amount |
|----------------------------------------------------------------------|---------|--------|--------|
| **Paid-In Capital:**                                                  |         |        |        |
| Common Stock, $15 Par (50,000 Shares Authorized, 9,200 Shares Issued) | $138,000|        |        |
| Excess of Issue Price Over Par                                        |         |        |        |
| Paid-in capital, common stock                                         |         |        |        |
| Treasury Stock (450 Shares at Cost)                                   |         |        |        |

This section helps in understanding the composition of stockholders' equity and the share structure of Goodale Properties Inc.
Transcribed Image Text:**Stockholders' Equity Section of Balance Sheet** The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: - Common Stock, $15 par: $138,000 - Paid-In Capital from Sale of Treasury Stock: $6,000 - Paid-In Capital in Excess of Par—Common Stock: $11,040 - Retained Earnings: $228,000 - Treasury Stock: $8,550 **Instructions:** Prepare the "Stockholders' Equity" section of the balance sheet as of June 30. Regarding the common stock, 50,000 shares are authorized, and 450 shares have been reacquired. --- **Goodale Properties Inc.** **Stockholders' Equity** **June 30, 20XX** | Line Item Description | Amount | Amount | Amount | |----------------------------------------------------------------------|---------|--------|--------| | **Paid-In Capital:** | | | | | Common Stock, $15 Par (50,000 Shares Authorized, 9,200 Shares Issued) | $138,000| | | | Excess of Issue Price Over Par | | | | | Paid-in capital, common stock | | | | | Treasury Stock (450 Shares at Cost) | | | | This section helps in understanding the composition of stockholders' equity and the share structure of Goodale Properties Inc.
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