11.00 points North Wind Aviation received its charter during January authorizing

Question

11.00 points North Wind Aviation received its charter during January authorizing the following capital stock Preferred stock: 8 percent, par $10, authorized 20,000 shares Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 33,000 shares of the common stock for $13 per share. b. Issued 12,000 shares of the preferred stock at $14 per share. c. Issued 2,300 shares of the common stock at $18 per share and 1,200 shares of the preferred stock at $14. d. Net income for the first year was $41,000. Required Prepare the stockholders' equity section of the balance sheet at December 3 NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Total Contributed Capital Total Stockholders' Equity

Explanation / Answer

Stockholder's equity :

Contributed capital Common stock 35300 Paid in capital in excess of par value-common stock 435100 Preferred stock 132000 Paid in capital in excess of par value-preferred stock 52800 Total contributed capital 655200 Retained earnings 41000 Total stockholder's equity 696200

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