Question

Exercise 11-20

The following accounts appear in the ledger of Sheffield Corp. after the books are closed at December 31, 2019:

Common Stock, no par, $3 stated value, 387,000 shares authorized; 275,000 shares issued		$ 825,000
Common Stock Dividends Distributable		31,000
Paid-in Capital in Excess of Stated Value—Common Stock		1,300,000
Preferred Stock, $6 par value, 8%, 35,000 shares authorized; 26,700 shares issued		160,200
Retained Earnings		839,000
Treasury Stock (10,200 common shares)		81,600
Paid-in Capital in Excess of Par—Preferred Stock		340,000
Accumulated Other Comprehensive Loss		31,500

Prepare the stockholders’ equity section at December 31, 2019, assuming retained earnings is restricted for plant expansion in the amount of $116,000. For capital stock first enter the preferred stock details. (Enter account name only and do not provide descriptive information.)

Sheffield Corp. Balance Sheet (Partial)

Answer 1

Here's the Stockholder's Equity Schedule:

Only first 3 columns are the answer to this question. 4th & 5th column are provided for understanding of the computation:

Since it is specifically said that "enter account name only and do not provide descriptive information" number of share & per value share details are not presented in 1st column. otherwise it is generally form part of equity schedule.

Balance sheet of Sheffield Corp For year ended December 31, 2019 Stockholder's Equity Schedule Amount ($) Amount ($) Reference Addtional Information Description Authorised Capital: Authorised capital gets reported 210.000 Only for information purpose and will not be part of stockholder 35000 shares @ $6 per share $ 8% Preferred Stock 1,161,000 equity computation 387000 shares @ $3 per share Common Stock $ Issued & Paid-in Capital: 26700 shares @ $6 per share 275000 shares @ $3 per share A 8% Preferred Stock 160,200 $825,000 $ 340,000 Common Stock В Paid in capital in excess of par value Preferred stock с $1,300,000 $ Paid in capital in excess of stated value Common stock D 2,625,200 E-A+B+C+D 31,000 F Total Paid-in Capital $ Stock Dividend Distributable Retained Earnings: Appropriated for plant explansion $116,000 As Given $ 839000 less $116000 G $723,000 Unappropriated Total Retained Earnings Н $ 839,000 -G+H Accumulated Other Comprehensive Income /(Loss) (31,500) J $ Stock reacquired by own company and hence it has to be deducted from total equity 81,600 K $ 3,382,100 F++J-K Less: Treasury Stock Total Stockholder's equity