Requirement 2. Prepare the stockholders' equity section of C −Mobile's balance sheet at October 31, 2018. (Assume C−Mobile's Net income for the month was $96,000.)
Question:
Upper C minus Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Upper C minus Mobile to issue 110,000 shares of 6 %, $50 par value cumulative
Req 1:
Upper C minus Mobile completed the following transactions: ( Req 1 was completed.)
More Data:
Oct 2-
Issued 23,000 shares of common stock for a building with a market value of $100,000.
Oct 6.-
Issued 700 shares of preferred stock for $160 per share.
Oct 9-
Issued 17,000 shares of common stock for cash of $102,000.
Oct 10-
Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate
Oct 25-
Paid the cash dividend.
Assume C − Mobile's net income for the month was $96,000.
Requirement 2. Prepare the
(Assume C−Mobile's Net income for the month was $96,000.)
(Assume all temporary accounts have been closed prior to preparing thestockholders' equity section of the balance sheet.)
P.S. I have completed all the work but seem to have forgotten how to finded the " Shares Authorized"
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
