Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 21,600 shares authorized Common stock: $11 par value, 51,000 shares authorized During the year, the following transactions occurred in the order given: à. Sold 39,400 shares of the common stock for $15 per share. b. Sold 5,700 shares of the preferred stock for $19 per share. c. Sold 3,500 shares of the common stock for $18 per share and 1,600 shares of the preferred stock for $29 per share. d. Net income for the year was $67,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings Total stockholders' equity 0 0

Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 21,600 shares authorized Common stock: $11 par value, 51,000 shares authorized During the year, the following transactions occurred in the order given: à. Sold 39,400 shares of the common stock for $15 per share. b. Sold 5,700 shares of the preferred stock for $19 per share. c. Sold 3,500 shares of the common stock for $18 per share and 1,600 shares of the preferred stock for $29 per share. d. Net income for the year was $67,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings 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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