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P11-2 (Algo) Preparing the Stockholders' Equity Section of the Balance Sheet LO11-1, 11-3, 11-7, 11-8 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 21,400 shares authorized Common stock: $8 par value, 51,300 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,200 shares of the common stock for $12 per share. b. Sold 6,900 shares of the preferred stock for $16 per share. c. Sold 3,600 shares of the common stock for $15 per share and 2,500 shares of the preferred stock for $26 per share. d. Net income for the year was $61,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity. Contributed capital: Preferred stock Additional paid-in capital, preferred stock Common stock Additional paid-in capital, common stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings Total stockholders' equity $ 0

P11-2 (Algo) Preparing the Stockholders' Equity Section of the Balance Sheet LO11-1, 11-3, 11-7, 11-8 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 21,400 shares authorized Common stock: $8 par value, 51,300 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,200 shares of the common stock for $12 per share. b. Sold 6,900 shares of the preferred stock for $16 per share. c. Sold 3,600 shares of the common stock for $15 per share and 2,500 shares of the preferred stock for $26 per share. d. Net income for the year was $61,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity. Contributed capital: Preferred stock Additional paid-in capital, preferred stock Common stock Additional paid-in capital, common stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings Total stockholders' equity $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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P11-2 (Algo) Preparing the Stockholders' Equity Section of the Balance Sheet LO11-1, 11-3, 11-7, 11-8 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 21,400 shares authorized Common stock: $8 par value, 51,300 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,200 shares of the common stock for $12 per share. b. Sold 6,900 shares of the preferred stock for $16 per share. c. Sold 3,600 shares of the common stock for $15 per share and 2,500 shares of the preferred stock for $26 per share. d. Net income for the year was $61,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Preferred stock Additional paid-in capital, preferred stock Common stock Additional paid-in capital, common stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings Total stockholders' equity $ 0 0
Transcribed Image Text:P11-2 (Algo) Preparing the Stockholders' Equity Section of the Balance Sheet LO11-1, 11-3, 11-7, 11-8 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 21,400 shares authorized Common stock: $8 par value, 51,300 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,200 shares of the common stock for $12 per share. b. Sold 6,900 shares of the preferred stock for $16 per share. c. Sold 3,600 shares of the common stock for $15 per share and 2,500 shares of the preferred stock for $26 per share. d. Net income for the year was $61,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Preferred stock Additional paid-in capital, preferred stock Common stock Additional paid-in capital, common stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings Total stockholders' equity $ 0 0
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