Help Please!!! Goldman Inc. was organized on June 1, 2014. It was authorized to

Question

Help Please!!!

Goldman Inc. was organized on June 1, 2014. It was authorized to issue 500,000 shares of $10 par common stock and 100.000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Goldman Inc.: Issued 40,000 shares of common stock for $16 per share. Issued 20,000 shares of the class A preferred stock for $52 per share. 3. Issued 60,000 shares of common stock for $20 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.

Explanation / Answer

Goldman Inc.

Balance Sheet ( Partial)

As of December 31, 2014

Stockholders' Equity $ Preferred Stock ( 20,000 shares,cumulative class A, stated value $ 50) 1,000,000 Common stock ( 40,000 shares, $ 10 par value) 1,000,000 Additional paid-in capital in excess of stated value-preferred stock 40,000 Additional paid-in capital in excess of par value - common stock 840,000 Total Stockholders' Equity 2,880,000

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.