Homework Answers
| Longfellow Clothing | ||
| Balance Sheet (Partial) | ||
| December. 31, 2011 | ||
| Stockholders' Equity: | ||
| Common Stock, $5 par, 30,000 shares outstanding (30,000 shares * $5) | $150,000 | |
| Additional paid-in capital - common stock | $251,600 | |
| Total capital stock | $401,600 | |
| Retained earnings: | ||
| Restricted retained earnings | $48,000 | |
| Unrestricted retained earnings ($226,700 - $48,000 + $92,000 - $21,800) | $248,900 | $296,900 |
| Total stockholders' equity | $698,500 | |
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