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Stockholders' Equity Most large companies are organized as corporations. Corporations are owned by shareholders, those who have purchased shares of stock in the corporation. The owners' equity in a corporation is recorded in the section on stockholders' equity the . balance sheet Issuance of Stock When a company wants to raise a significant amount of capital without incurring debt, it may choose to issue stock for public purchase. An important part of this process is deciding how many shares will be authorized and issued. The number of shares of stock that a corporation is authorized to issue is the total number of shares of a certain type of stock (either common or preferred) that may ever be sold. The term issued refers to the number of shares actually issued to the stockholders (this number can never be greater than the number of shares authorized). Throughout the life of the company, the number of issued shares can change as shares are reacquired or retired. The shares remaining in the hands of stockholders are called outstandingshares. Note that the outstanding shares can never be greater than the number of shares issued. Suppose a company selling stock for the first time decides that the maximum number of shares that can ever be sold is 42,000. Of that amount, 21,000 shares are sold to the public. After the initial sale, 16,800 shares were reacquired by the company. How many shares has the company authorized? shares 42,000 How many shares has the company issued? shares 21,000 How many shares are outstanding? shares 4,200 Common Stock The most frequently-held form of stock is common stock. Holders of this type of stock exercise control over the company by electing a board of directors and voting on various company policies. In terms of corporate structure, common stockholders are at the bottom. In the event of liquidation, common stockholders don't get paid until bondholders and holders of preferred stock are compensated, although they do get everything that is left, regardless of amount. Preferred Stock This type of stock is similar to debt. It generally pays a regular dividend, and its price tends to be based more on interest rates and the credit rating of the issuing company rather than on company performance as with common stock. In the event of liquidation, holders of preferred stock are compensated after debt holders but before holders of common stock. For these reasons, preferred stock is considered less risky than common stock. In the following table, indicate whether each characteristic listed describes common or preferred stock. Characteristic Common or Preferred 1. Liquidation preference Select 2. Voting rights Select 3. Residual claim in liquidation Select 4. Denial of voting rights Select 5. Dividend preference Preferred Stock 6. Value mainly derived from corporate performance Select 7. Value mainly derived from dividend payments Select APPLY THE CONCEPTS: Issuing Capital Stock When stock is sold, the monetary amount gained from the sale is divided into two parts. First, the par value of the stock is recorded when received for the sale. Second, any amount received above the par value for the stock is recorded as paid-in capital in excess of par (also called additional paid-in capital). Suppose a company is authorized by its charter to sell 105,000 shares of $1 par value common stock. The minimum price for which this stock could be sold under normal circumstances is $ per share. On November 26, the company issues 42,000 shares of common stock for 1 a selling price of $18 per share. The company will receive cash of $ . It will record common stock in the amount of $ 756,000 paid-in capital in excess of par (common) of $ and 42,000 . 714,000 Hide Journalize the sale of common stock just described. If an amount box does not require an entry, leave it blank. Not sure about the account title? Click below to view the chart of accounts. + Assets + Liabilities + Equity + Revenues/Gains + Expenses/Losses GENERAL JOURNAL DOC. POST. DATE ACCOUNT TITLE DEBIT NO. 1 2 3 REF. 26/11 Nov. 26 756000 How does each row of the above journal entry affect the accounting equation? If an element of the accounting equation is not affected, select "No effect". Accounting Equation Assets = Liabilities + Equity Ro w 1 Select Select Select Ro w 2 Select Select Select Ro w 3 Select Select Select The same company is also authorized by its charter to sell 3,000 shares of preferred stock with a par value of $22 per share. The minimum price for which this stock could be sold under normal circumstances is $ . On November 26, the company issues 1,000 shares of 22 preferred stock with an 8% dividend rate and a selling price of $24 per share. The company will receive cash of $ . It will record 24,000 preferred stock in the amount of $ and paid-in capital in excess of par (preferred) of $ 22,000 . 2,000