Arctic Cat Fashions, Inc has the following trial balance amounts (in alphabetical order) at the end of last year.
(Thousands of Dollars)
|Accounts Receivable, Net||23,700|
|Accumulated Depreciation, Equipment||184,900|
|Additional Paid-In Capital -- Common||7,300|
|Cash & Cash Equivalents||14,700|
|Common Stock, $1 Par||200|
|Deferred Income Taxes||17,700|
|Other Long-Term Assets||1,600|
|Property, Plant & Equipment||224,100|
|Treasury Stock -- Common (25,000 Shares)||4,800|
Prepare the Stockholders' Equity section of the balance sheet for the Company.
Stockholders equity represents what the company is truly worth. Basically, it is all the assets a company owns less the liabilities. In this specific example, most of the stockholders equity accounts show a debit balance, meaning that they are negative in nature. The table in the answer section shows a net negative stockholders equity section when all the equity accounts are added together.
Answer and Explanation:
|Artic Cat Fashions, Inc. - Stockholder's Equity|
|Common Stock, $1 Par||$200|
|Additional Paid in Capital - Common Stock||($7,300)|
See full answer below.
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from CSET Business Subtest II (176): Practice & Study GuideChapter 1 / Lesson 9