Homework Answers
1) Total Paid-in-capital at Dec. 31, 2011 = Common Stock+Paid-in-capital in excess of par, Common+Preferred Stock+Paid-in-capital in excess of par value, Preferred
= $200,000+$800,000+$500,000+$100,000 = $1,600,000
Therefore the balance sheet prepared at December 31, 2011, would report total paid in capital of $1,600,000.
2) Legal capital is also known as stated capital. It is equal to sum of par value of common stock and par value of preferred stock.
Legal Capital = Common Stock+Preferred Stock
= $200,000+$500,000 = $700,000
Therefore the balance sheet prepared at December 31, 2011, would report total legal capital of $700,000.
3) Stockholder's Equity = Total paid-in-capital+Retained Earnings-Treasury Stock
= $1,600,000+$400,000-$60,000 = $1,940,000
Therefore the balance sheet prepared at December 31, 2011, would report total stockholder's equity of $1,940,000.
4) Common Shares outstanding = Common Shares issued - Treasury Shares outstanding
= 200,000 shares - 2,000 shares = 198,000 shares
Therefore the number of common shares outstanding at December 31, 2011, would be 198,000 shares.
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