Norwest Aviation received its charter during January 2014 The charter authorized the following shares Preferred shares 8 percent no par value authorized shares Common shares no par value authorized 50,000 shares During 2014, the following transactions occurred in the order given a Issued a total of...

Shareholders EquityDecember 31 2014 Contributed Capital Preferr ...

Norwest Aviation received its charter during January 2014. The charter authorized the following shares: Preferred shares: 8

Question:

Norwest Aviation received its charter during January 2014. The charter authorized the following shares:
Preferred shares: 8 percent: no authorized shares
Common shares: no authorized 50,000 shares
During 2014, the following transactions occurred in the order given:
a. Issued a total of 40,000 common shares to the company's founders for $11 per share.
b. Issued 5,000 preferred shares at $18 per share.
c. Issued 3,000 common shares at $14 per share and 1,000 preferred shares at $28. d. Net income for the first year was $48,000.
Required
Prepare the shareholders' equity section of the at December 31, 2014?
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... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...