Exercise 11-8 Wells Fargo & Company, headquartered in San Francisco, is one of t

Question

Exercise 11-8 Wells Fargo & Company, headquartered in San Francisco, is one of the nation?s largest financial institutions. Suppose it reported the following selected accounts (in millions) as of December 31. 2014. Retained earnings $41,563 Preferred stock 8,485 Common stock-$12/3 par value, authorized 6,000,000,000 shares; issued 5,245,971,422 shares Treasury stock-67,346,829 common shares (2,450) Paid-in capital in excess of par value-common stock 52,878 Prepare the stockholders? equity section of the balance sheet for Wells Fargo as of December 31. 2014.

Explanation / Answer

Stockholders equity Paid in capital common stock Authorised common stock issued 8743 paid in capital in excess of par of common stock 52878 Total paid in capital 61621 Preferred stock authorised Preferred stock issued 8485 Retained earnings Retained earnings 41563 sub total 111669 less:Treasury stock (2450) Total shareholders equity 109219

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