Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $121,000 cash and issued 11,000 shares of common stock. b. Issued 10,500 shares of preferred stock at $21 per share; collected in cash. Net income for the year was $41,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. Contributed Capital: SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Stockholders' Equity $ 0 0

Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $121,000 cash and issued 11,000 shares of common stock. b. Issued 10,500 shares of preferred stock at $21 per share; collected in cash. Net income for the year was $41,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. Contributed Capital: SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Stockholders' Equity $ 0 0

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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