Question

Goldman Inc. was organized on June 1, 2014. It was authorized to issue 500,000 shares of $10 par common stock and 100,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Goldman Inc.: 1. Issued 40,000 shares of common stock for $16 per share. 2. Issued 20,000 shares of the class A preferred stock for $52 per share. 3. Issued 60,000 shares of common stock for $20 per share. Required Prepare the stockholders’ equity section of the balance sheet immediately after these transactions have been recognized.

Answer 1

The answer and procedures of the exercise are attached in a microsoft excel document.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.