Use the following information to prepare the shareholders' equity section of the balance sheet for Parish Incorporated:
A. Common Stock-$0.30 par value: 60,000 shares authorized, 25,000 shares outstanding as of December 31, 2016
B. Retained Earnings, December 31, 2016-$68,000
C. Treasury Stock-Parish repurchased 3,000 shares at $50 per share
D. Total Shareholders' Equity as of December 31, 2016 is $540,000
Correct Answer:
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Calculations:Common stock = 25,000 out...
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