Question

P13-41A (similar to) Question Help A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 80,000 shares of 8 %, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions: (Click the icon to view the transactions.) Read the tequirements Paid cash dividend. Requirement 2. Prepare the stockholders' equity section of A-Mobile's balance sheet at October 31, 2018. Assume A-Mobile's net income for the month was $87,000. (Assume all temporary accounts have been closed prior to preparing the stockholders equity section of the balance sheet.) A.Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-in Capital 6.43 Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All All parts showing

Answer 1

Stockholders Equity
Paid in capital:
preferred stock 950 shares $50 per share	$                47,500.00
Common stock 42000 shares $4 per share	$              168,000.00
Paid in capital in excess of par-preferred stock	$                57,000.00
paid in capital in excess of par - common stock	$              127,000.00
Total Paid in capital
Add: Retained earnings	$                73,000.00
Total Stockholders Equity	$              472,500.00