Prepare the "Stockholders' Equity" section of the balance sheet as of June 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6aa82dbe-8c8b-4996-9a13-eb9c20d088fb%2F3f569641-2d53-42cd-b953-3f91bb37a5c3%2Fl3uundl_processed.jpeg&w=3840&q=75)
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6aa82dbe-8c8b-4996-9a13-eb9c20d088fb%2F3f569641-2d53-42cd-b953-3f91bb37a5c3%2F034g4tq_processed.jpeg&w=3840&q=75)
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education