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On December 31, Westworld Inc. has the following equity accounts and balances: Retained Earnings, $45,000; Common...

On December 31, Westworld Inc. has the following equity accounts and balances: Retained Earnings, $45,000; Common Stock, $1,000; Treasury Stock, $2,000; Paid-In Capital in Excess of Par Value, Common Stock, $39,000; Preferred Stock, $7,000; and Paid-In Capital in Excess of Par Value, Preferred Stock, $3,000.

Prepare the stockholders’ equity section of Westworld’s balance sheet. (Negative amount(s) should be indicated by a minus sign.)

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Answer #1
Stockholder's equity section
Paid in capital:
Common stock $1,000
Additional paid in capital in excess of par value-Common stock $39,000 $40,000
Preferred Stock $7,000
Additional paid in capital in excess of par value-Preferred Stock $3,000 $10,000
Total Paid-in capital $50,000
Retained earnings $45,000
Total Paid-in capital and Retained earnings $95,000
Less:Treasury stock -$2,000
Total Stockholder's equity $93,000
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