This exercise will allow you to practice preparing the stockholders” equity section of a corporation”s balance sheet and the accompanying note disclosures.
The following accounts appear in the ledger of Zippadeedoda, Inc. after the books are closed at December 31, 2014.
| Common Stock, $10 par, 700,000 shares authorized; 400,000 shares issued | $4,000,000 |
| Common Stock Dividends Distributable | 400,000 |
| Paid-in Capital in Excess of Par Value—Common Stock | 5,450,000 |
| Preferred Stock, $50 par, 6% cumulative, 60,000 shares authorized; 40,000 shares issued | 2,000,000 |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 160,000 |
| Paid-in Capital from Treasury Common Stock | 30,000 |
| Treasury Stock (20,000 common shares) (at cost) | 380,000 |
| Retained Earnings | 990,000 |
Instructions
Prepare the stockholders” equity section of the balance sheet at December 31, 2014, assuming retained earnings is restricted for two reasons: (1) the cost of the treasury shares held, and (2) $175,000 for future plant expansion.
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