Sarasota Corp. has been authorized to issue 20,400 shares of $100 par value, 6%, noncumulative preferred stock and 1,140,000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $154,000 Paid-in Capital in Excess of Par Value—Preferred Stock 21,400 Common Stock 1,980,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,550,000 Treasury Stock (4,100 common shares) 32,800 Retained Earnings 82,600 Accumulated Other Comprehensive Income 49,400 The preferred stock was issued for $175,400 cash. All common stock issued was for cash. In November 4,100 shares of common stock were purchased for the treasury at a per share cost of $8. No dividends were declared in 2022. Prepare the stockholders’ equity section of the balance sheet at December 31, 2022. SARASOTA CORP. Partial Balance Sheet choose the accounting periodchoose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022 select an opening section nameselect an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital select an opening subsection nameselect an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital select a name of the subordinate part one of this subsectionselect a name of the subordinate part one of this subsection enter a balance sheet itementer a balance sheet item $enter a dollar amount enter a dollar amount enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select a summarizing line for the subordinate part one of this subsectionselect a summarizing line for the subordinate part one of this subsection $enter a subtotal of the two previous amounts enter a subtotal of the two previous amounts select a name of the subordinate part two of this subsectionselect a name of the subordinate part two of this subsection enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select a summarizing line for the subordinate part two of this subsectionselect a summarizing line for the subordinate part two of this subsection enter a subtotal of the two previous amountsenter a subtotal of the two previous amounts select a closing subsection nameselect a closing subsection name enter a total amount for this subsectionenter a total amount for this subsection enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select a summarizing line for this part of the statementselect a summarizing line for this part of the statement enter a subtotal amount for this part of the statemententer a subtotal amount for this part of the statement enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select between addition and deductionselect between addition and deduction AddLess: enter a balance sheet item enter a balance sheet item enter a dollar amountenter a dollar amount select a closing section nameselect a closing section name $enter a total amount for this section enter a total amount for this section

Sarasota Corp. has been authorized to issue 20,400 shares of $100 par value, 6%, noncumulative preferred stock and 1,140,000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $154,000 Paid-in Capital in Excess of Par Value—Preferred Stock 21,400 Common Stock 1,980,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,550,000 Treasury Stock (4,100 common shares) 32,800 Retained Earnings 82,600 Accumulated Other Comprehensive Income 49,400 The preferred stock was issued for $175,400 cash. All common stock issued was for cash. In November 4,100 shares of common stock were purchased for the treasury at a per share cost of $8. No dividends were declared in 2022. Prepare the stockholders’ equity section of the balance sheet at December 31, 2022. SARASOTA CORP. Partial Balance Sheet choose the accounting periodchoose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022 select an opening section nameselect an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital select an opening subsection nameselect an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital select a name of the subordinate part one of this subsectionselect a name of the subordinate part one of this subsection enter a balance sheet itementer a balance sheet item $enter a dollar amount enter a dollar amount enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select a summarizing line for the subordinate part one of this subsectionselect a summarizing line for the subordinate part one of this subsection $enter a subtotal of the two previous amounts enter a subtotal of the two previous amounts select a name of the subordinate part two of this subsectionselect a name of the subordinate part two of this subsection enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select a summarizing line for the subordinate part two of this subsectionselect a summarizing line for the subordinate part two of this subsection enter a subtotal of the two previous amountsenter a subtotal of the two previous amounts select a closing subsection nameselect a closing subsection name enter a total amount for this subsectionenter a total amount for this subsection enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select a summarizing line for this part of the statementselect a summarizing line for this part of the statement enter a subtotal amount for this part of the statemententer a subtotal amount for this part of the statement enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount select between addition and deductionselect between addition and deduction AddLess: enter a balance sheet item enter a balance sheet item enter a dollar amountenter a dollar amount select a closing section nameselect a closing section name $enter a total amount for this section enter a total amount for this section

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Preferred Stock		$154,000
Paid-in Capital in Excess of Par Value—Preferred Stock		21,400
Common Stock		1,980,000
Paid-in Capital in Excess of Stated Value—Common Stock		1,550,000
Treasury Stock (4,100 common shares)		32,800
Retained Earnings		82,600
Accumulated Other Comprehensive Income		49,400

The preferred stock was issued for $175,400 cash. All common stock issued was for cash. In November 4,100 shares of common stock were purchased for the treasury at a per share cost of $8. No dividends were declared in 2022.

Prepare the stockholders’ equity section of the balance sheet at December 31, 2022.

SARASOTA CORP. Partial Balance Sheet choose the accounting periodchoose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022
select an opening section nameselect an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
select an opening subsection nameselect an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
select a name of the subordinate part one of this subsectionselect a name of the subordinate part one of this subsection
enter a balance sheet itementer a balance sheet item	$enter a dollar amount enter a dollar amount
enter a balance sheet itementer a balance sheet item	enter a dollar amountenter a dollar amount
select a summarizing line for the subordinate part one of this subsectionselect a summarizing line for the subordinate part one of this subsection		$enter a subtotal of the two previous amounts enter a subtotal of the two previous amounts
select a name of the subordinate part two of this subsectionselect a name of the subordinate part two of this subsection
enter a balance sheet itementer a balance sheet item	enter a dollar amountenter a dollar amount
enter a balance sheet itementer a balance sheet item	enter a dollar amountenter a dollar amount
select a summarizing line for the subordinate part two of this subsectionselect a summarizing line for the subordinate part two of this subsection		enter a subtotal of the two previous amountsenter a subtotal of the two previous amounts
select a closing subsection nameselect a closing subsection name		enter a total amount for this subsectionenter a total amount for this subsection
enter a balance sheet itementer a balance sheet item		enter a dollar amountenter a dollar amount
select a summarizing line for this part of the statementselect a summarizing line for this part of the statement		enter a subtotal amount for this part of the statemententer a subtotal amount for this part of the statement
enter a balance sheet itementer a balance sheet item		enter a dollar amountenter a dollar amount
select between addition and deductionselect between addition and deduction AddLess: enter a balance sheet item enter a balance sheet item		enter a dollar amountenter a dollar amount
select a closing section nameselect a closing section name		$enter a total amount for this section enter a total amount for this section

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.