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belka [17]
3 years ago
10

Suki health foods has 19,000 shares of $5 par common stock outstanding, which were issued at $12 per share. suki also has a defi

cit balance in retained earnings of $75,000. how much is suki's total stockholders' equity?
Business
1 answer:
Y_Kistochka [10]3 years ago
5 0

We can calculate for the total stockholders’ equity by using the formula:

Total stockholders’ equity = Number of Shares * Price per Share – Deficit Balance

Substituting our given values:

Total stockholders’ equity = 19,000 shares * ($12 / share) - $75,000

Total stockholders’ equity = $153,000

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                                      Debit                  Credit

Trade payable                 $300

Cash                                                           $300                              

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First we have to reverse the wrong journal entry which has been made by the inexperienced bookkeeper in the Adams Company accounts:

                                      Debit                  Credit

Trade payable                 $300

Cash                                                           $300                              

Now we have to record the correct journal entry in the accounts of Adam Company in respect of account settlement with supplier which is given as follow:

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