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(Learning Objectives 2, 3: Preparing stockholders?...




(Learning Objectives 2, 3: Preparing stockholders? equity section of a balance sheet) Patterson Software had the following selected account balances at December 31, 2010 (in thousands, except par value per share). Inventory $ 651 Property, plant, and equipment, net 900 Paid-in capital in excess of par 899 Treasury stock, 100 shares at cost 1,150 Other stockholders? equity (730)* Common stock, $0.75 par per share, 800 shares authorized, 320 shares issued $ 240 Retained earnings 2,220 Accounts receivable, net 1,000 Notes payable 1,100 * Debit balance Requirements 1. Prepare the stockholders? equity section of Patterson?s balance sheet (in thousands). 2. How can Patterson have a larger balance of treasury stock than the sum of Common Stock and Paid-in Capital in Excess of Par?


Paper#1533 | Written in 18-Jul-2015

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