The following stockholders’ equity accounts Patel Corporation

The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Patel Corporation at December 31, 2012.
Common Stock ($2 stated value) ..................$1,600,000
Paid-in Capital in Excess of Par Value—Preferred Stock ...........45,000
Paid-in Capital in Excess of Stated Value—Common Stock ..........1,050,000
Preferred Stock (8%, $100 par, noncumulative) ..............600,000
Retained Earnings .........................1,334,000
Treasury Stock—Common (12,000 shares) .................72,000
Instructions
Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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