The following are several of Graf Corporations accounts at the end of 2019: Account .................................................................................................Credit Balance Common
Question:
The following are several of Graf Corporation’s accounts at the end of 2019:
Account .................................................................................................Credit Balance
Common Stock, $10 par ...........................................................................$ 47,100
Bonds Payable (due 2020) ..........................................................................126,000
Additional Paid-in Capital on Preferred Stock ...........................................39,600
Retained Earnings .......................................................................................209,000
Premium on Bonds Payable ........................................................................12,300
Unearned Rent ...............................................................................................4,800
Preferred Stock, $100 par ............................................................................65,400
Additional Paid-in Capital on Common Stock ............................................53,900
Unfunded Accrued Pension Cost .................................................................18,400
Treasury Stock (cost) ....................................................................................(7,600) debit
Accumulated Other Comprehensive Income .............................................8,200
Required:
Prepare the shareholders’ equity section of Graf’s 2019 ending balance sheet.
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Step by Step Answer:
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach