Presented below is information related to Pharoah Corporation:Common Stock, $1 parPaid-in Capital in Excess of Par-Common Stock8 1/2% preferred Stock, $50 parPaid-in Capital in Excess of Par-Preferred StockRetained EarningsTreasury Common Stock (at cost)$3410000O $6298000.O $7738000.O $6448000.O $7888000.56000020900003880001440000150000The total stockholders' equity of Pharoah Corporation is

Answered: The total stockholders' equity of…

Business

Accounting

The total stockholders' equity of Pharoah Corporation is O $6298000. O $7738000. O $6448000. O $7888000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Presented below is information related to Pharoah Corporation:
Common Stock, $1 par
Paid-in Capital in Excess of Par-Common Stock
8 1/2% preferred Stock, $50 par
Paid-in Capital in Excess of Par-Preferred Stock
Retained Earnings
Treasury Common Stock (at cost)
$3410000
O $6298000.
O $7738000.
O $6448000.
O $7888000.
560000
2090000
388000
1440000
150000
The total stockholders' equity of Pharoah Corporation is

Expert Solution

Step 1

Answer:

The total stockholders' equity can be calculated as follows:

Common Stock: $3,410,000

Paid-in Capital in Excess of Par—Common Stock: $560,000

Preferred Stock: $2,090,000

Paid-in Capital in Excess of Par—Preferred Stock: $388,000

Retained Earnings: $1,440,000

Treasury Common Stock: ($150,000)

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