Answer by fallowing the table format United Apparel has the following balances in its stockholders' equity accounts on December 31, 2024: Treasury Stock, $810,000; Common Stock, $560,000; Preferred Stock, $3,200,000; Retained Earnings, $2,000,000; and Additional Paid-in Capital, $8,400,000.

Answer by fallowing the table format United Apparel has the following balances in its stockholders' equity accounts on December 31, 2024: Treasury Stock, $810,000; Common Stock, $560,000; Preferred Stock, $3,200,000; Retained Earnings, $2,000,000; and Additional Paid-in Capital, $8,400,000.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 93.1C

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Answer by fallowing the table format

United Apparel has the following balances in its stockholders' equity accounts on December 31, 2024: Treasury Stock, $810,000; Common Stock, $560,000; Preferred Stock, $3,200,000; Retained Earnings, $2,000,000; and Additional Paid-in Capital, $8,400,000.

Required:
Prepare the stockholders' equity section of the balance sheet for United Apparel as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)

UNITED APPAREL
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:
Preferred Stock
3,200,000
Common Stock
560,000
Treasury Stock
810,000
Total Paid-in Capital
4,570,000
Retained Earnings
2,000,000
Additional Paid-in Capital
8,400,000
Additional Paid-in Capital
Total Stockholders' Equity
$
14,970,000
%24

Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.

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