Wells Fargo & Company , headquartered in San Francisco, is one of the nation’s l

Question

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, 2017.

Prepare the stockholders’ equity section of the balance sheet for Wells Fargo as of December 31, 2017. (Enter account name only and do not provide descriptive information.)

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Retained earnings $41,000 Preferred stock 8,500 Common stock—$1 2/3 par value, authorized 6,000,000,000 shares; issued 5,245,971,422 shares 8,750 Treasury stock—67,346,829 common shares (2,400 ) Paid-in capital in excess of par value—common stock 53,000 Accumulated Other Comprehensive Income 8,250

Explanation / Answer

Preparation of the stockholders’ equity section of the balance sheet for Wells Fargo as of December 31, 2017 WELLS FARGO & COMPANY Partial Balance Sheet as of December 31,2017 In Millions Stockholders' Equity Common stock $8,750 Paid-in capital in excess of par value—common stock $53,000 Preferred Stock $8,500 Treasury Stock -$2,400 Total Paid-in Capital $67,850 Retained Earnings $41,000 Accumulated Other Comprehensive Income $8,250 Total Stockholders’ Equity $117,100

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