Army Navy Sporting Goods is authorized to issue 10,000 shares of preferred stock and 19,000 shares of

Question:

Army Navy Sporting Goods is authorized to issue 10,000 shares of preferred stock and 19,000 shares of . During a two-month period, Army Navy completed these stock-issuance transactions:
Apr 23 Issued 1,700 shares of $1.50 par for cash of $16.50 per share.
May 2 Issued 600 shares of $2.50, no-par preferred stock for $22,000 cash.
12 Received inventory valued at $19,000 and equipment with market value of $41,000 for 3,300 shares of the $1.50 par .

Requirement
1. Prepare the stockholders equity section of the Army Navy Sporting Goods for the transactions given in this exercise. Retained Earnings has a balance of $45,000.
Journal entries are not required.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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...