Prepare equity section of the balance sheet.
The following account balances can be found in the general ledger of Athletics Supply Cor poration at year-end. Prepare the shareholders' equity section of the balance sheet.
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Retained earnings
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$ 450,000
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Treasury stock (4,000 common shares at cost) Common stock ($2 par, 500,000 shares authorized,
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36,000
|
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175,000 shares issued)
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350,000
|
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Additional paid-in capital, common stock
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2,712,500
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Preferred stock ($8 par value, 8%, 90,000 shares authorized,
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|
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20,000 shares issued)
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160,000
|
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Additional paid-in capital, preferred stock
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50,000
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