Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired. Common Stock, $3 par $270,000 Paid-In Capital from Sale of Treasury Stock 62,000 Paid-In Capital in Excess of Par—Common Stock 1,196,000 Retained Earnings 7,430,000 Treasury Stock 230,000 Stockholders' Equity Paid-in capital: Common Stock, $3 par (200,000 shares authorized, 90,000 shares issued) $fill in the blank 2 Excess over par fill in the blank 4 Paid-in capital, common stock $fill in the blank 6 From Sale of Treasury Stock fill in the blank 8 Total Paid-In Capital $fill in the blank 9 Retained Earnings fill in the blank 11 Treasury stock (5,000 shares at cost) fill in the blank 13 Total Stockholders' Equity $fill in the blank 14
Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired. Common Stock, $3 par $270,000 Paid-In Capital from Sale of Treasury Stock 62,000 Paid-In Capital in Excess of Par—Common Stock 1,196,000 Retained Earnings 7,430,000 Treasury Stock 230,000 Stockholders' Equity Paid-in capital: Common Stock, $3 par (200,000 shares authorized, 90,000 shares issued) $fill in the blank 2 Excess over par fill in the blank 4 Paid-in capital, common stock $fill in the blank 6 From Sale of Treasury Stock fill in the blank 8 Total Paid-In Capital $fill in the blank 9 Retained Earnings fill in the blank 11 Treasury stock (5,000 shares at cost) fill in the blank 13 Total Stockholders' Equity $fill in the blank 14
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.
| Common Stock, $3 par | $270,000 |
| Paid-In Capital from Sale of |
62,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,196,000 |
| 7,430,000 | |
| Treasury Stock | 230,000 |
| Stockholders' Equity | |||
| Paid-in capital: | |||
| Common Stock, $3 par (200,000 shares authorized, 90,000 shares issued) | $fill in the blank 2 | ||
| Excess over par | fill in the blank 4 | ||
| Paid-in capital, common stock | $fill in the blank 6 | ||
| From Sale of Treasury Stock | fill in the blank 8 | ||
| Total Paid-In Capital | $fill in the blank 9 | ||
| Retained Earnings | fill in the blank 11 | ||
| Treasury stock (5,000 shares at cost) | fill in the blank 13 | ||
| Total Stockholders' Equity | $fill in the blank 14 |
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