Question: The following accounts appear in the ledger of Polzin Inc

The following accounts appear in the ledger of Polzin Inc. after the books are closed at December 31, 2014.
Common Stock (no-par, $1 stated value, 400,000 shares
authorized, 250,000 shares issued)................$ 250,000
Paid-in Capital in Excess of Stated Value—Common Stock......1, 200,000
Preferred Stock ($50 par value, 8%, 40,000 shares authorized,
14,000 shares issued)......................700,000
Retained Earnings.........................920,000
Treasury Stock (9,000 common shares).................64,000
Paid-in Capital in Excess of Par Value—Preferred Stock..........24,000
Instructions
Prepare the stockholders’ equity section at December 31, assuming $100,000 of retained earnings is restricted for plant expansion. (Use Note R.)


View Solution:


Sale on SolutionInn
Sales3
Views287
Comments
  • CreatedApril 07, 2014
  • Files Included
Post your question
5000