Stockholders equity section of balance sheet

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Stockholders' equity section of balance sheet

List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year.

Stockholders' Equity



Paid-in capital:



Preferred 1% stock, $200 par (25,000 shares authorized and issued)

$5,000,000


Excess of issue price over par

75,000

$5,075,000

Retained earnings


41,750,000

Treasury stock (45,000 shares at cost)


648,000

Dividends payable


175,000

Total paid-in capital


$47,648,000

Common stock, $14 par (800,000 shares authorized, 500,000 shares issued)


7,600,000

Organizing costs


250,000

Total stockholders' equity


$55,498,000

 

Reference no: EM13534112

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