Question

Account Title Amount Account Title Amt Accounts Payable ---------------------- $ 204,975 Income Taxes Payable --------------- 78,000 Accounts Receivable ...................... 259,200 Interest Payable ........................... 2,850 Accum. depreciation - Building - 391,500 Inventory ------------------------------- 790,125 Additional Paid-in Capital ................. 81,900 Land ............................................. 232,500 Allowance for Doubtful Accounts ---- 3,900 Notes Payable-short-term ---------- 96,000 Notes Receivable due in 6 months. 69,000 Bonds Payable (due 2025) ----------- 600,000 Preferred Stock ----------------------- 375,000 Buildings .......................................... 963,000 Prepaid Insurance ........................ 28,125 Cash -------------------------------------- 85,125 Salaries and Wages Payable ------ 17,100 Common Stock ................................ 562,500 Supplies ........................................ 18,900 Copyrights --------------------------------- 96,450 Trading Securities 36,300 Debt Investments (long-term) 140,700 Retained Earnings 306,000 Requirements: Prepare the stockholders' equity section of a Classified Balance Sheet for Victor Company using the Report Form. Include all headings, subheading, subtotals, and totals (with labels) that appear on a Classified Balance Sheet.

Answer 1

Answer:

          Stockholders Equity

Preferred Stock                375,000

Common Stock                562,500

Additional Paid-in Capital   81,900

Retained Earnings            306,000

Total Equity                    1,325,4‬00

Explanation:

We look into the list only for the equity accounts:

Which are the preferred stock, the common stock

and the additional paid-in caital.

We will also include the retained earnings account

All this accounts increase the equity, so we ujust need to add them together.