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Category > Management Posted 07 Oct 2017 My Price 7.00

Wildcat Drilling

Exercise 10-46 PREPARE THE STOCKHOLDERS’ EQUITY SECTION

Wildcat Drilling has the following accounts on its trial balance.

Debit                       Credit

 

 

Retained earnings

 

1,500,000

Cash

125,000

 

Paid-in capital in excess of par—common

 

10,000,000

Paid-in capital in excess of par—preferred

 

2,000,000

Accounts payable

 

75,000

Accounts receivable

150,000

 

Common stock, $2 par

 

800,000

Preferred stock, $10 par

 

600,000

Inventory

500,000

 

Treasury stock—common (40,000 shares)

250,000

 

Accumulated other comprehensive  income

 

50,000

 

Required:

Prepare the stockholders’ equity portion of Wildcat’s balance sheet.

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Oct 2017 10:10 PM My Price 7.00

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