Adams Company records provide the following information on December 31, 2013 Account Title Amount Additional Paid-in Capitaln
Question:
Adams Company records provide the following information on December 31, 2013
Account Title Amount
Additional Paid-in Capitaln Preferred Stock $17,000
Common Stock 75,000
Premium on Bonds Payable 4,000
Prederred Stock 80,000
Bonds Payable 100,000
Preferred Stock Subscribed 20,000
Retained Earnings 121,000
Additional-Paid-in Capital on Common Stock 84,000
Additional Information
1. Common stock has a $5 par value, 50,000 shares are authhorized, 15,000 shares have been issued and are outstanding.
2. Preferred stock has $100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding
3. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and callable at $130 per share.
4. Bonds payable mature on January 1, 2017. They carry a 12% annual interest rate, payable semiannually.
Required:
Prepare the contributed Capital section of the December 31, 2013, balance sheet for Adam
Expert Answer:
Contributed Capital of Adams Company 1 Preferred Stock 100 par 8 cumulative callable a... View the full answer
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
