Homework Help is Here – Start Your Trial Now!
Business
Accounting
Sheffield Corp. has issued 96,000 shares of $5 par value common stock. It was authorized 509,000 shares. The paid-in capital in excess of par value on the common stock is $264,000. The corporation has reacquired 8,000 shares at a cost of $46,000 and is currently holding those shares. It also had accumulated other comprehensive income of $68,000. The corporation also has 3,000 shares issued and outstanding of 10%, $100 par value preferred stock. It was authorized 10,000 shares. The paid-in capital in excess of par value on the preferred stock is $34,500. Retained earnings is $386,000. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital SHEFFIELD CORP. Balance Sheet (Partial) $ 300000 480000 Paid-in Capital in Excess of Par-Preferred Stock 34500 Paid-in Capital in Excess of Par-Common Stock 264000 Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Accumulated Other Comprehensive Income Less : Treasury Stock Total Stockholders' Equity $ 780000 298500 1078500 386000 1464500 68000 -46000 $ 1486500

Sheffield Corp. has issued 96,000 shares of $5 par value common stock. It was authorized 509,000 shares. The paid-in capital in excess of par value on the common stock is $264,000. The corporation has reacquired 8,000 shares at a cost of $46,000 and is currently holding those shares. It also had accumulated other comprehensive income of $68,000. The corporation also has 3,000 shares issued and outstanding of 10%, $100 par value preferred stock. It was authorized 10,000 shares. The paid-in capital in excess of par value on the preferred stock is $34,500. Retained earnings is $386,000. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital SHEFFIELD CORP. Balance Sheet (Partial) $ 300000 480000 Paid-in Capital in Excess of Par-Preferred Stock 34500 Paid-in Capital in Excess of Par-Common Stock 264000 Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Accumulated Other Comprehensive Income Less : Treasury Stock Total Stockholders' Equity $ 780000 298500 1078500 386000 1464500 68000 -46000 $ 1486500

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 6PA: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of...
See similar textbooks
icon
Related questions
Question

I just want to double check that all answers are right.

Sheffield Corp. has issued 96,000 shares of $5 par value common stock. It was authorized 509,000 shares. The paid-in capital in excess of par value on the common stock is $264,000. The corporation has reacquired 8,000 shares at a cost of $46,000 and is currently holding those shares. It also had accumulated other comprehensive income of $68,000. The corporation also has 3,000 shares issued and outstanding of 10%, $100 par value preferred stock. It was authorized 10,000 shares. The paid-in capital in excess of par value on the preferred stock is $34,500. Retained earnings is $386,000. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital SHEFFIELD CORP. Balance Sheet (Partial) $ 300000 480000 Paid-in Capital in Excess of Par-Preferred Stock 34500 Paid-in Capital in Excess of Par-Common Stock 264000 Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Accumulated Other Comprehensive Income Less : Treasury Stock Total Stockholders' Equity $ 780000 298500 1078500 386000 1464500 68000 -46000 $ 1486500
Transcribed Image Text:Sheffield Corp. has issued 96,000 shares of $5 par value common stock. It was authorized 509,000 shares. The paid-in capital in excess of par value on the common stock is $264,000. The corporation has reacquired 8,000 shares at a cost of $46,000 and is currently holding those shares. It also had accumulated other comprehensive income of $68,000. The corporation also has 3,000 shares issued and outstanding of 10%, $100 par value preferred stock. It was authorized 10,000 shares. The paid-in capital in excess of par value on the preferred stock is $34,500. Retained earnings is $386,000. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital SHEFFIELD CORP. Balance Sheet (Partial) $ 300000 480000 Paid-in Capital in Excess of Par-Preferred Stock 34500 Paid-in Capital in Excess of Par-Common Stock 264000 Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Accumulated Other Comprehensive Income Less : Treasury Stock Total Stockholders' Equity $ 780000 298500 1078500 386000 1464500 68000 -46000 $ 1486500
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS