e 011 PM7 Remaining 165 min FULL SCREEN PRIN Problem 135A Th

e: 01:1 PM7 Remaining: 165 min. FULL SCREEN PRIN Problem 13-5A The following stockholders\' equity accounts a rranged alphabetically are in the ledger of Galindo Corporation at December 31, 2017. Common Stock ($5 stated value) Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred stock (8%, $50 par) Retained Earnings Treasury Stock (10,500 common shares) $2,030,000 10,000 675,000 1,590,000 | 775,000 1,746,000 136,500 Prepare a stockholders\' equity section at December 31, 2017. (Enter the account name only and do not provide the descriptive info question.) GALINDO CORPORATION Balance Sheet (Partial)

Solution

Answer

Detail $

Net $

Stockholder’s Equity

Paid-In-Capital

Capital Stock

Common Stock ($5 Stated Value, 406,000 Issued and 395,500 Shares outstanding)

2,030,000

8% Preferred Stock ($50 Par, 15,500 Shares Issued and Outstanding)

775,000

Total Capital Stock

2,805,000

Additional Paid-In-Capital

In excess of par – Common Stock

1,590,000

In excess of par –Preferred Stock

675,000

In excess of par – Treasury Stock

10,000

Total Additional Paid-In-Capital

2,275,000

Total Paid-In-Capital

5,080,000

Retained Earnings

1,746,000

Total Paid-In-Capital and Retained Earnings

6,826,000

Less: Treasury Stock (10,500 Common Shares)

(136,500)

Total Stockholder’s Equity

6,689,500

	Detail $	Net $
Stockholder’s Equity
Paid-In-Capital
Capital Stock
Common Stock ($5 Stated Value, 406,000 Issued and 395,500 Shares outstanding)	2,030,000
8% Preferred Stock ($50 Par, 15,500 Shares Issued and Outstanding)	775,000
Total Capital Stock		2,805,000
Additional Paid-In-Capital
In excess of par – Common Stock	1,590,000
In excess of par –Preferred Stock	675,000
In excess of par – Treasury Stock	10,000
Total Additional Paid-In-Capital		2,275,000
Total Paid-In-Capital		5,080,000
Retained Earnings		1,746,000
Total Paid-In-Capital and Retained Earnings		6,826,000
Less: Treasury Stock (10,500 Common Shares)		(136,500)
Total Stockholder’s Equity		6,689,500