Balance sheet disclosure of stockholders’ equity (Learning Objective 7)

5–10 min.

The financial statements of Timberview, Inc., reported the following accounts (in thousands except for par value):

$172 585 1,750 240 73 Paid-in Capital in Excess of Par......

Cost of Goods Sold ........................

Common Stock, $7 par, 250 shares issued and outstanding .............

Cash...............................................

Long-Term Debt.............................

$1,090 30 140 55 413

?

Net Sales.....................................

Accounts Payable........................

Retained Earnings .......................

Other Current Liabilities ..............

Operating Expenses ....................

Total Assets ................................

Prepare the stockholders’ equity section of Timberview, Inc.’s balance sheet. Net income has already been closed to Retained Earnings.

AppendixLO1