CF Unit 5 P11-2 Witt Corporation
P11-2 Preparing the Stockholders Equity
Section of the Balance Sheet LO11-3, 11-7
P11-2 Witt Corporation received its charter during January 2014. The
charter authorized the following capital stock:
Preferred stock: 10 percent, par $10, authorized 21,000 shares
Common stock: par $8, authorized 50,000 shares.
During 2014, the following transactions occurred in the order given:
a. Issued a total of 40,000 shares of the common stock to the four
organizers at $12 per share.
b.Sold 5,500 shares of the preferred stock at $16 per share.
c. Sold 3,000 shares of the common stock at $15 per share and 1,000
shares of the preferred stock at $26.
d. Net income for the year was $96,000.
Required:
Prepare the Stockholders’ Equity section of
the balance sheet at December 31, 2014.
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WITT
CORPORATION
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Balance
Sheet (Partial)
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At December
31, 2014
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Stockholders’ equity:
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Contributed capital:
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Total contributed capital
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639,000
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Total stockholders’ equity
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file name: CF Unit 5 P11-2 Witt Corporation.xls File type: .xls PRICE: $5
