Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Do It! Review 11-4a Your answer is partially correct. Try again. Flint Corporation has issued 109,000 shares of $4 par value common stock. It was

image text in transcribed

Do It! Review 11-4a Your answer is partially correct. Try again. Flint Corporation has issued 109,000 shares of $4 par value common stock. It was authorized 501,000 shares. The paid-in capital in excess of par value on the common stock is $276,000. The corporation has reacquired 6,300 shares at a cost of $48,000 and is currently holding those shares. It also had accumulated oth comprehensive income of $64,000. The corporation also has 1,000 shares issued and outstanding of 7%, $102 par value preferred stock. It authorized 9,900 shares. The paid-in capital in excess of par value on the preferred stock is $31,000. Retained earnings is $364,000. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) FLINT CORPORATION Balance Sheet (Partial) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 102000 Common Stock 436000 Total Capital Stock 538000 $ Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Preferred St 31000 Paid-in Capital in Excess of Par Value-Common St 276000 X Total Additional Paid-in Capital 231000 Total Paid-in Capital 769000 Retained Earnings 364000 Total Paid-in Capital and Retained Earnings 00:0:00 1133000 Accumulated Other Comprehensive Income 64000 X Less Treasury Stock 57700 Total Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Non Specialists

Authors: Catherine Gowthorpe

2nd Edition

1844802051, 978-1844802050

More Books

Students also viewed these Accounting questions

Question

1 What is meant by systematic training?

Answered: 1 week ago