The shareholders' equity section of Gannon Oilfield Corporation's balance sheet at December 31, 2016 is shown below.
Question:
Preferred shares
Authorized-100 shares
Issued and outstanding-64 shares ....................... $3,456
Common shares
Authorized-2,000 shares
Issued and outstanding-800 shares ....................... 1,680
Retained earnings .............................................. 600
Total shareholders' equity ................................... $5,736
Required:
1. What is the average price received for each issued preferred share?
2. What is the average price received for each issued common share?
3. What is the total stated capital of the company?
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...
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Related Book For 
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
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