Problem 135A The following stockholders equity accounts arra

Problem 13-5A The following stockholders\' equity accounts arranged 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 $1,950,000 10,000 650,000 1,590,000 775,000 1,740,000 130,000 Preferred Stock (8%, $50 par) Retained Earnings Treasury Stock (10,000 common shares) Prepare a stockholders\' equity section at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.) GALINDO CORPORATION Balance Sheet (Partial)

Solution

Stockholder\'s Equity Paid in capital Capital Stock 8% preferred stock ,$50 par value15,500 shares issued & outstanding 775,000 Common stock $5 stated value,issued 390,000 shares 1,950,000 Total capital stock 2,725,000 Addittional paid in capital in excess of par-preferred stock 650,000 in excess of stated value-common stock 1,590,000 From treasury stock 10,000 total addittional paid in capital 2,250,000 Total paid in capital. 4,975,000 Retained earnings 1,740,000 total paid in capital and retained earnings 6,715,000 less:Treasury stock (10,000 shares) -130,000 Total stockholder\'s Equity 6,585,000