common stock with $1 par value. the company to issue 100,000 shares of $5, no-pa

Question

common stock with $1 par value. the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of The charter for KCAS-TV, Inc. authorizes During its start-up phase, KCAS-TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements Issued common stock for land Requirement 2. Prepare the stockhoiders' equity section of the KCAS-TV balance sheet at September 30, 2018, assuming KCAS-TV, Inc. had net income of $40,000 for the month. KCAS-TV, Inc. Balance Sheet (Partial) September 30, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-$5, No-Par Value; 100,000 shares authorized 850 shares issued and outstanding 40,000 Common Stock $1 Par Values 500,000 sharee authorized 2.075 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-in Captal 2,075 37.925 Retained Earmings Choose from any list or enter any number in the input fields arid then click Check Answer All parts showing Clear All Check Answer

Explanation / Answer

KCAS-TV, Inc. - Balance Sheet partial September 30 ,2018 Stockholder's Equity Paid in Capital: Preferred stock $5, No Par Value; 100,000 shares authorized 650 shares issued and outstanding $        21,000 Common stock $1 par value ; 500,000 shares are authorized 2075 shares issued and o/s $ 2,075 Paid-in capital in excess of par - Common $        30,175 Total paid in Capital $        53,250 Retained Earnings: $        40,000 Total Stockholder's Equity $        93,250

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