Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 5,000 shares have been reacquired.Common Stock, $60 par$2,340,000Paid-In Capital in Excess of Par201,060Paid in Capital from Sale of Treasury Stock6,060Retained Earnings117,000Treasury Stock4,560 Stockholders' Equity Contributed capital: $fill in the blank 2 fill in the blank 4 Total contributed capital $fill in the blank 5 fill in the blank 7Total $fill in the blank 8 fill in the blank 10Total stockholders' equity $fill in the blank 11

The shareholders' equity section is prepared to record detailed information about contributed…

Answered: Using the following accounts and…

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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Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 5,000 shares have been reacquired.

Common Stock, $60 par	$2,340,000
Paid-In Capital in Excess of Par	201,060
Paid in Capital from Sale of Treasury Stock	6,060
Retained Earnings	117,000
Treasury Stock	4,560


Stockholders' Equity

Contributed capital:
	$fill in the blank 2
	fill in the blank 4
Total contributed capital		$fill in the blank 5
		fill in the blank 7
Total		$fill in the blank 8
		fill in the blank 10
Total stockholders' equity		$fill in the blank 11

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