The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Pronghorn Corp at December 31, 2022. Common Stock ($4 stated value) $2,240,000 Paid-in Capital in Excess of Par Value—Preferred Stock 63,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,470,000 Preferred Stock (7%, $100 par, noncumulative) 840,000 Retained Earnings 1,867,600 Treasury Stock (16,800 common shares) 100,800 Prepare the stockholders’ equity section of the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information.) PRONGHORN CORP Partial Balance Sheet choose the accounting period December 31, 2022For the Year Ended December 31, 2022For the Month Ended December 31, 2022 select 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings select 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings select a name of the subordinate part one of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a summarizing line for the subordinate part one of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings $enter a subtotal of the two previous amounts select a name of the subordinate part two of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a summarizing line for the subordinate part two of this subsection enter a subtotal of the two previous amounts enter a dollar amount select a summarizing line for this part of the statement enter a subtotal amount for this part of the statement select between addition and deduction AddLess: enter a balance sheet item enter a dollar amount $enter a total amount for this section
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Pronghorn Corp at December 31, 2022. Common Stock ($4 stated value) $2,240,000 Paid-in Capital in Excess of Par Value—Preferred Stock 63,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,470,000 Preferred Stock (7%, $100 par, noncumulative) 840,000 Retained Earnings 1,867,600 Treasury Stock (16,800 common shares) 100,800 Prepare the stockholders’ equity section of the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information.) PRONGHORN CORP Partial Balance Sheet choose the accounting period December 31, 2022For the Year Ended December 31, 2022For the Month Ended December 31, 2022 select 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings select 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings select a name of the subordinate part one of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a summarizing line for the subordinate part one of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings $enter a subtotal of the two previous amounts select a name of the subordinate part two of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a summarizing line for the subordinate part two of this subsection enter a subtotal of the two previous amounts enter a dollar amount select a summarizing line for this part of the statement enter a subtotal amount for this part of the statement select between addition and deduction AddLess: enter a balance sheet item enter a dollar amount $enter a total amount for this section
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Topic Video
Question
The following
| Common Stock ($4 stated value) | $2,240,000 | |
| Paid-in Capital in Excess of Par Value— |
63,000 | |
| Paid-in Capital in Excess of Stated Value—Common Stock | 1,470,000 | |
| Preferred Stock (7%, $100 par, noncumulative) | 840,000 | |
| 1,867,600 | ||
| 100,800 |
Prepare the stockholders’ equity section of the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information.)
|
PRONGHORN CORP
Partial Balance Sheet choose the accounting period December 31, 2022For the Year Ended December 31, 2022For the Month Ended December 31, 2022 |
||||||
|---|---|---|---|---|---|---|
| select 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings | ||||||
| select 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings | ||||||
| select a name of the subordinate part one of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings | ||||||
|
enter a balance sheet item
|
$enter a dollar amount
|
|||||
|
enter a balance sheet item
|
enter a dollar amount
|
|||||
| select a summarizing line for the subordinate part one of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and Retained Earnings |
|
$enter a subtotal of the two previous amounts
|
||||
| select a name of the subordinate part two of this subsection 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 Stockholders’ EquityTotal Additional Paid-in CapitalTotal Paid-in Capital and | ||||||
| enter a balance sheet item |
|
$enter a dollar amount
|
|
|||
| enter a balance sheet item |
enter a dollar amount
|
|||||
| select a summarizing line for the subordinate part two of this subsection |
enter a subtotal of the two previous amounts
|
|||||
|
enter a dollar amount
|
||||||
| select a summarizing line for this part of the statement |
enter a subtotal amount for this part of the statement
|
|||||
|
select between addition and deduction AddLess: enter a balance sheet item
|
enter a dollar amount
|
|||||
|
$enter a total amount for this section
|
Expert Solution
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 1 images
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education