Adams Companys records provide the following information on December 31, 2016 Additional information: 1. Common stock has

Question:

Adams Company€™s records provide the following information on December 31, 2016
Adams Company€™s records provide the following information on December 31,

Additional information:
1. Common stock has a $5 par value, 50,000 shares arc authorized, 15,000 shares have been issued and arc outstanding.
2. Preferred stock has a $100 par value, 3,000 shares arc authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share.
3. Bonds payable mature on January 1, 2020. They carry' a 12% annual interest rate, payable semiannually.
Required:
Prepare the Contributed Capital section of the December 31, 2016, balance sheet for Adams. Include appropriate parenthetical notes.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've located the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

Question Posted: