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14 October, 16:51

Novak Corp. has these accounts at December 31: Common Stock, $12 par, 5,500 shares issued, $66,000; Paid-in Capital in Excess of Par Value $19,000; Retained Earnings $44,000; and Treasury Stock, 500 shares, $11,000. Prepare the stockholders' equity section of the balance sheet.

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  1. 14 October, 17:05
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    Total stockholders equity = $118,000

    Explanation:

    Novak Corp.

    Balance sheet (stockholders' equity section)

    As a December 31 20YY

    Stockholders' equity

    Common stock ($12 per, 5,500 share issued) = $66,000

    Paid-in Capital in Excess of Par Value - Common stock = $19,000

    Less: Treasury Stock (500 shares) = ($11,000)

    Shares outstanding (5000 shares) = $74,000

    Retained Earnings = $44,000

    Total stockholders equity = $118,000
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