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