Question

Renner Corporation's December 31, 20XX balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 20,000 shares authorized; 15,000 shares issued $ 300,000 Paid-in capital in excess of par value – preferred stock $ 60,000 Common stock, $10 par value, 2,000,000 shares authorized; 1,950,000 shares issued, 1,930,000 shares outstanding $ 19,500,000 Paid-in capital in excess of par value – common stock $ 27,000,000 Retained Earnings $ 7,650,000 Treasury stock (20,000 shares) $ 630,000 Renner's total stockholders' equity is:

Answer 1

Renner's total stockholders' equity is $53,880,000

Step-by-step explanation:

Renner's total stockholders' equity is the sum of all funds attributable to the company finance providers minus the treasury stock as detailed below:

Renner's balance sheet extract:

Common stock $10 par value 2,000,000 authorized,1950,000 issued and 1,930,000 outstanding $19,500,000

Preferred stock $20 par value $300,000

Paid in capital in excess of par -common stock $27,000,000

paid in capital in excess of par-preferred stock $60,000

total paid in capital $46,860,000

Retained earnings $7,650,000

Treasury stock ($630,000)

total stockholders' equity 53,880,000