Stockholders' Equity Section of Balance SheetThe following Stockholders’ Equity section of the balance sheet prepared as of the end of the current year:Stockholders’ EquityPaid-in capital: Preferred 2% stock, $60 par (94,000 shares authorized and issued)$5,640,000 Excess of issue price over par375,000$6,015,000Retained earnings 72,525,000Treasury stock (56,000 shares at cost) 868,000Dividends payable 323,000 Total paid-in capital $79,731,000Common stock, $10 par (750,000 shares authorized, 619,000 shares issued) 6,623,000Organizing costs 225,000Total stockholders' equity $86,579,000Prepare a corrected Stockholders' Equity section. Use the minus sign to indicate any values that are deducted on the statement.Stockholders' EquityPaid-In Capital: blank $- Select -blank - Select -blankblank blank$- Select -blank $- Select -blank - Select -blankblank blank- Select -blankTotal paid-in capital blank$fill in the blank 13 blank- Select - blank- Select -Total stockholders' equity blank$fill in the blank 18

Shareholders Equity :— Shareholders Equity is the Amount which is Invested by the Owner of the…

Answered: Stockholders' Equity Section of Balance…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Stockholders' Equity Section of Balance Sheet

The following Stockholders’ Equity section of the balance sheet prepared as of the end of the current year:

Stockholders’ Equity
Paid-in capital:
Preferred 2% stock, $60 par (94,000 shares authorized and issued)	$5,640,000
Excess of issue price over par	375,000	$6,015,000
Retained earnings		72,525,000
Treasury stock (56,000 shares at cost)		868,000
Dividends payable		323,000
Total paid-in capital		$79,731,000
Common stock, $10 par (750,000 shares authorized, 619,000 shares issued)		6,623,000
Organizing costs		225,000
Total stockholders' equity		$86,579,000

Prepare a corrected Stockholders' Equity section. Use the minus sign to indicate any values that are deducted on the statement.

Stockholders' Equity