1. Business
  2. Accounting
  3. when resisto systems inc was formed the company was authorized...

Question: when resisto systems inc was formed the company was authorized...

Question details

When Resisto Systems, Inc., was formed, the company was authorized to issue 5,000 shares of $100 par value, 8 percent cumulative preferred stock, and 100,000 shares of $2 stated value common stock.

Half of the preferred stock was issued at a price of $104 per share, and 56,000 shares of the common stock were sold for $13 per share. At the end of the current year, Resisto has retained earnings of $382,000.

a. Prepare the stockholders’ equity section of the company’s balance sheet at the end of the current year.

Stockholders' Equity
Additional paid-in capital:
Total paid-in capital $0
Total stockholders' equity $0
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution