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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 63
Preparing the Stockholders' Equity Section of the Balance Sheet
North Wind Aviation received its charter during January' 2013. The charter authorized the following capital stock:
During 2013, the following transactions occurred in the order given:
a. Issued a total of 40,000 shares of the common stock for $15 per share.
b. Issued 10,000 shares of the preferred stock at $16 per share.
c. Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of the preferred stock at $16.
d. Net income for the first year was $48,000.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2013.
North Wind Aviation received its charter during January' 2013. The charter authorized the following capital stock:
During 2013, the following transactions occurred in the order given:
a. Issued a total of 40,000 shares of the common stock for $15 per share.
b. Issued 10,000 shares of the preferred stock at $16 per share.
c. Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of the preferred stock at $16.
d. Net income for the first year was $48,000.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2013.
Explanation
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The stockholders' equity section of the ...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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