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Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,600,000 shares issued; Additional Paid-in Capital, $17.60 million; Retained Earnings, $10.60
Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,600,000 shares issued; Additional Paid-in Capital, $17.60 million; Retained Earnings, $10.60 million, and Treasury Stock, 56,000 shares, $1.232 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. For example, $5.5 million should be entered as 5,500,000.) SUMMIT APPAREL Balance Sheet (Stockholders' Equity Section) December 31 Stockholders' equity: Total Paid-in Capital Total Stockholders' Equity
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