Reference no: EM132938216
Stockholders' Equity and Statement of Cash Flows Assignment
The following are selected accounts and balances from the records of Furry Corporation on June 30, 2007.
Instructions:
Problem 1: Prepare in proper form the stockholders' equity section of the balance sheet.
Common Stock, $10 par value, 75,000 shares authorized, 50,000 shares issued -------$500,000
Paid-in Capital in Excess of Par Value-Common Stock --------------------------------------$150,000
Preferred Stock, $100 par value, 8%, 3,000 shares authorized and issued ---------------$300,000
Retained Earnings ----------------------------------------------------------------------------------$250,000
Treasury Stock (10,000 common shares) ------------------------------------------------------- $150,000
Paid-in Capital in Excess of Par Value-Preferred Stock ------------------------------------- $30,000