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Stockholders’ Equity Section
1. Prepare the stockholders’ equity section of the balance sheet.
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After closing its books on December 31, Pro Parts’ stockholders’ equity accounts had the following balances:
| Common stock subscriptions receivable | $5,140 | |
| Common stock, $5 par, 11,900 shares | 59,500 | |
| Preferred stock, $10 par, 4%, 4,080 shares | 40,800 | |
| Common stock subscribed, $5 par, 5,200 shares | 26,000 | |
| Paid-in capital in excess of par-common stock | 4,270 | |
| Retained earnings | 37,380 |
Expert Answer
| PRO PARTS | ||
| Stockolder’s Equity | ||
| Paid up common stock | ||
| Common stock , $5 par | 59500 | |
| (fully paid , 11,500 shares) | ||
| Common stock, $5 par | 26000 | |
| (Subscribed , 5,200 shares) | ||
| Less: Subscription due | -5140 | 20860 |
| Paid-in-capital in excess, common stock | 4270 | |
| Total paid up common stock | 84630 | |
| 4% Preferred stock, $10 par | 40800 | |
| (4,080 shares paid up) | ||
| Retained earnings | 37380 | |
| Total Stockholders Equity | 162810 | |
