Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

تمرين 63

Preparing the Stockholders' Equity Section of the Balance Sheet
North Wind Aviation received its charter during January' 2013. The charter authorized the following capital stock:

During 2013, the following transactions occurred in the order given:
a. Issued a total of 40,000 shares of the common stock for $15 per share.
b. Issued 10,000 shares of the preferred stock at $16 per share.
c. Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of the preferred stock at $16.
d. Net income for the first year was $48,000.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2013.