Question

6. The following following accounts and balances are from the accounting records of Bronx CC Inc, as of December 31, Fifty thousand shares of common stock are authorized, 30,000 shares are issued and 5,000 shares have been reacquired. Thirty thousand shares of preferred stock are authorized, 5,000 shares are issued and outstanding. Paid-In Capital in Excess of Par - Common Bonds Payable Preferred Stock, $100 par, 9% cumulative Cash Common Stock Dividends Distributable Paid-In Capital in Excess of Par - Preferred Retained Earnings Common Stock, S50 par Treasury Stock 250,000 400,00 500,000 100,000 50.000 350.000 4,350,000 1.500,000 197,000 REQUIRED (20 points) Prepare, in good format, the stockholder's equity section of the Balance Sheet.

Answer 1

$ S 500,000 350,000 Stockholders' Equity Paid-in Capital: Preferred stock, $100 par, 9% cumulative; 30,000 shares authorized, 5,000 issued and outstanding Paid-in capital in excess of par-Preferred Common stock, $50 par; 50,000 shares authorized, 30,000 issued and outstanding Paid-in capital in excess of par-Common Common stock dividends distributable Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (5,000 shares at cost) Total Stockholders' Equity $ $ $ 1,500,000 250,000 50,000 $ $ $ $ $ 2,650,000 4,350,000 7,000,000 197,000 6,803,000