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Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80
Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80 million; and Treasury Stock, 48,000 shares, $1.056 million. Prepare the stockholders' equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions (i.e, $5.5 million should be entered as 5,500,000).) Answer is not complete. SUMMIT APPAREL Balance Sheet (Stockholders' Equity Section) December 31 Stockholders' equity Common stock Additional paid-in capital Total paid-in capital Retained earnings 0 Treasury stock Total stockholders' equity 0
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