Prepare the "Stockholders' Equity" section of the balance sheet as of June 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.

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.
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**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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