Using the general ledger accounts and balances below please prepare a Stockholder Equity section of the balance sheet. Include all details such as number of shares authorized, issued and outstanding as well as par values.
The corporation has authorized 500,000 shares of $5 par common stock and 50,000 shares of $2 preferred stock $10 par. Preferred stock has 20,000 issued and 20,000 shares outstanding.
Retained Earnings - Unappropriated $500,000
Common Stock 300,000
Treasury Stock 25,000
$2Preferred Stock 200,000
Paid in Capital - Treasury Stock 10,000
Paid in Capital - Common Stock 2,000,000
Paid in Capital - Preferred Stock 1,000,000
If the balance in the Common stock account is $300,000 and the par value is $5. How many shares have been issued? If there are 2,000 shares of common in the treasury. How many shares are outstanding?