A company has the following balances in its stockholders' equity accounts on December 31, Year 1: Treasury Stock, $660,000; Common Stock, $410,000; Preferred Stock, $1,700,000; Retained Earnings, $1,250,000; and Additional Paid-in Capital, $6,900,000. Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.)

Answer and Explanation:

The preparation of the  stockholders' equity section of the balance sheet for the company  is shown below:

Common stock           $410,000

Add: Preferred stock $1,700,000

Add: Retained earnings $1,250,000

Add: Additional paid in capital $6,900,000

Less: treasury stock -$660,000

Total amount $9,600,000

We simply added the all the items except the treasury stock as it is to be deducted and the same is shown above

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

answer; decentralized;