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The Following Accounts Appear in The Ledger of Horner Inc

The summary provides the stockholders' equity section from Horner Inc's ledger as of December 31, 2019. It includes common stock of $300,000 issued for 300,000 shares at $1 par value, preferred stock of $150,000 issued for 30,000 shares at $5 par value, additional paid-in capital amounts for common and preferred stock, retained earnings of $800,000 of which $100,000 is restricted for plant expansion, treasury stock of $74,000 for 10,000 common shares, and accumulated other comprehensive loss of $31,000.

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217 views1 page

The Following Accounts Appear in The Ledger of Horner Inc

The summary provides the stockholders' equity section from Horner Inc's ledger as of December 31, 2019. It includes common stock of $300,000 issued for 300,000 shares at $1 par value, preferred stock of $150,000 issued for 30,000 shares at $5 par value, additional paid-in capital amounts for common and preferred stock, retained earnings of $800,000 of which $100,000 is restricted for plant expansion, treasury stock of $74,000 for 10,000 common shares, and accumulated other comprehensive loss of $31,000.

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amit raaj
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The following accounts appear in the ledger of Horner Inc

The following accounts appear in the ledger of Horner Inc

The following accounts appear in the ledger of Horner Inc. after the books are closed at
December 31, 2019.

Common Stock, no par, $1 stated value, 400,000 shares authorized;

300,000 shares issued.................................................................$ 300,000

Common Stock Dividends Distributable..............................................30,000

Paid-in Capital in Excess of Stated Value-Common Stock...................1,200,000

Preferred Stock, $5 par value, 8%, 40,000 shares authorized;

30,000 shares issued.....................................................................150,000

Retained Earnings.......................................................................800,000

Treasury Stock (10,000 common shares)..............................................74,000

Paid-in Capital in Excess of Par-Preferred Stock.................................344,000

Accumulated Other Comprehensive Loss.............................................31,000

Instructions

Prepare the stockholders' equity section at December 31, 2019, assuming retained earnings is
restricted for plant expansion in the amount of $100,000 (use Note R).

The following accounts appear in the ledger of Horner Inc


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