Question

Exercise 11-9 The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Culver Corporation at December 31, 2017 Common Stock ($4 stated value) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (8%, $100 par, noncumulative) Retained Earnings Treasury Stock (20,400 common shares) $2,720,000 76,500 1,785,000 1,020,000 2,267,800 122,400 Prepare the stockholders' equity section of the balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.) CULVER CORPORATION Partial Balance Sheet

Answer 1

SOLUTION:

Stockholders’ equity
Paid-in capital
Capital stock
8% Preferred stock, $100 par value, noncumulative, 10,200 shares issued		1,020,000
Common stock, no par, $5 stated value, 680,000 shares issued		2,720,000
Total capital stock		3,740,000
Additional paid-in capital
In excess of par— preferred stock	76,500
In excess of stated value— common stock	1,785,000
Total additional paid-in capital		1,861,500
Total paid-in capital		5,601,500
Retained earnings		2,267,800
Total paid-in capital and retained earnings		7,869,300
Less: Treasury stock (20,400 common shares)		-122,400
		7,746,900