Ask Question
22 July, 20:59

Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $594,000 Paid-In Capital from Sale of Treasury Stock 24,400 Paid-In Capital in Excess of Par-Common Stock 15,840 Retained Earnings 932,000 Treasury Stock 12,255 Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 645 shares have been reacquired. Goodale Properties Inc. Stockholders' Equity June 30, 20XX

+5
Answers (1)
  1. 22 July, 21:21
    0
    The preparation is shown below:

    Explanation:

    Goodale Properties Inc.

    Stockholders' Equity

    June 30, 20XX

    Common Stock, $15 par (80,000 shares authorized, 39,600 shares issued) $594,000

    Add: Paid-In Capital in Excess of Par-Common Stock $ 15,840

    Add: From sale of Treasury stock $24,400

    Total Paid-In Capital $634,240

    Add: Retained earnings $932,000

    Total $1,566,240

    Deduct: Treasury Stock - $12,255

    Total Stockholders' Equity $1,553,985

    The treasury stock purchased is only deducted and the other items would be added so that the correct value could arrive
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers