The following accounts and balances are from the records of Quest Corporation on December 31, 2011: Preferred

Question:

The following accounts and balances are from the records of Quest Corporation on December 31, 2011:

Preferred Stock, $100 par value, 9 percent cumulative, 20,000 shares

authorized, 6,000 shares issued and outstanding………………………. $600,000

Common Stock, $12 par value, 90,000 shares authorized, 30,000 shares

issued, and 28,500 shares outstanding ………………………………. 360,000

Additional Paid-In Capital …………………………………………… 194,000

Retained Earnings ……………………………………………………. 23,000

Treasury Stock, Common (1,500 shares, at cost) ……………………. 30,000

Prepare the stockholders’ equity section for Quest’s balance sheet as of December 31, 2011.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...