Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. as of december 31, 20--, the balances of the stock

As of December 31, 20--, the balances of the stockholders' equity...

60.1K

Verified Solution

Question

Accounting

image
As of December 31, 20--, the balances of the stockholders' equity accounts of Higbie Auto Inc. were as follows: Common stock, $6 par (30,000 shares authorized, 13,000 shares issued) Paid-in capital in excess of par common stock $17,000 Common treasury stock (2,000 shares at $6 per share) Preferred stock, 5%, $12 par (16,000 shares authorized, 5,000 shares issued) Paid in capital in excess of par preferred stock $6,000 Preferred stock subscribed (2,000 shares) Retained earnings $48,000 Required: Based on this information, prepare the stockholders equity section of the Higbie Auto Inc. balance sheet as of December 31, 20... Higbie Auto Inc Balance Sheet (partial) December 31, 20- Paid-in capital: Less: Preferred stock subscriptions receivable 24,000 Less: Common stock subscriptions receivable 78,000 102,000 Common stock, $6 par Additional paid in capital: Paid in capital in excess of par preferred stock 6,000 Paid-in capital in excess of par common stock 17,000 23,000 Total paid-in capital Retained earnings 18,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

For analyzing a bridge, bending moment diagrams were plotted for a simply supported beam of span...

Biology
1.2K views

A biologist observes that a species of stick insects on a remote island has three...

Physics
1.2K views

A 0 22 kg block is dropped on a vertical spring that has a spring...

Geometry
1.2K views

Solve using the quadratic formula. 3j + 9j + 6 = 0Write your answers as...

Calculus
1.2K views

a Find the Riemann sum for f x x 2 sin 2x 0 x 3...

Calculus
1.2K views

DetermineOy = log; (x + 1)dydx(T+1) In 321(T+1)(7+1) In 320(T+1)21for the following function:

Algebra
1.2K views

Prev Graph the following function by considering how the function x2 has been shifted reflected...

Algebra
1.2K views

1 Simplify 01 10 2 5 4 O x2 x 5 4 0 4x x...

Accounting
1.2K views

Exercise 5-18 A (Algo) Allocating product cost between cost of goods sold and...

Accounting
1.2K views

Score: Wo 5 pls E12-29A (similar to) Question Help the NPV method to determine whether...

Accounting
1.2K views

ABC purchased a trademark on Jan 1, 2016 for $839943 with an indefinite useful life...

Accounting
1.2K views

Complete this question by entering your answers in the tabs below. Was manufacturing overhead underapplied...