Captain Sporting Goods is authorized to issue 13,000 shares of common stock . During a two-month period,
Question:
Captain Sporting Goods is authorized to issue 13,000 shares of common stock. During a two-month period, Captain completed these stock-issuance transactions:
Jul 23 Issued 3,200 shares of $1.00 par common stock for cash of $13.00 per share.
12 Received inventory valued at $13,000 and equipment with market value of $48,000 for 3,000 shares of the $1.00 par common stock.
Requirement
1. Prepare the stockholders’ equity section of Captain Sporting Goods’ balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $49,000. Journal entries are not required.
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Stockholders Equity Common stock 100 par 13000 shares ...View the full answer
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Related Book For 
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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