Question

Stockholders' Equity Section of Balance SheetThe following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:Common Stock, $15 par $181,500Paid-In Capital in Excess of Par 14,520Paid-In Capital from Sale of Treasury Stock 7,800Retained Earnings 300,000Treasury Stock 11,305Prepare the Stockholders' Equity section of the balance sheet as of June 30. Fifty thousand shares of common stock are authorized, and 595 shares have been reacquired.Goodale Properties Inc.Stockholders' EquityJune 30, 20XX

Answer 1

Answer: $492,515

Explanation:

Total Paid-In Capital:

= 12,100 shares of common stock at $15 par + Paid in capital in excess of par -Common Stock + Paid in capital from Sale of treasury stock

= $181,500 + 14,520 + 7,800

= $203,820

Total Stockholders' Equity = Total Paid-In Capital +  Retained Earnings - Treasury stock

                                            = $203,820 + 300,000 - 11,305

                                            = $492,515