Log in
Accounting
1
answer
0
watching
81
views

Wells Fargo & Company, headquartered in San Francisco, is one of the nation’s largest financial institutions. Suppose it reported the following selected accounts (in millions) as of December 31, 2017.

Retained earnings $41,200
Preferred stock 8,600
Common stock—$1 2/3 par value, authorized 6,000,000,000 shares; issued 5,245,971,422 shares 8,860
Treasury stock—67,346,829 common shares (2,420 )
Paid-in capital in excess of par value—common stock 53,200
Accumulated Other Comprehensive Income 8,260


Prepare the stockholders’ equity section of the balance sheet for Wells Fargo as of December 31, 2017. (Enter account name only and do not provide descriptive information.)

Watch
1
answer
0
watching
81
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Trinidad Tremblay
Trinidad TremblayLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

[The following information applies to the questions displayed below.]

The equity sections from Atticus Group’s 2016 and 2017 year-end balance sheets follow.

Stockholders’ Equity (December 31, 2016)
Common stock—$5 par value, 100,000 shares
authorized, 35,000 shares issued and outstanding		 $ 175,000
Paid-in capital in excess of par value, common stock 135,000
Retained earnings 340,000
Total stockholders’ equity $ 650,000
Stockholders’ Equity (December 31, 2017)
Common stock—$5 par value, 100,000 shares
authorized, 41,200 shares issued, 4,000 shares in treasury		 $ 206,000
Paid-in capital in excess of par value, common stock 190,800
Retained earnings ($30,000 restricted by treasury stock) 400,000
796,800
Less cost of treasury stock (30,000 )
Total stockholders’ equity $ 766,800


The following transactions and events affected its equity during year 2017.

Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10.
Mar. 20 Purchased treasury stock for cash.
Apr. 5 Declared a $0.50 per share cash dividend, date of record April 10.
July 5 Declared a $0.50 per share cash dividend, date of record July 10.
July 31 Declared a 20% stock dividend when the stock’s market value was $14 per share.
Aug. 14 Issued the stock dividend that was declared on July 31.
Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10.

Problem 13-4A Part 1

Required:
1. How many common shares are outstanding on each cash dividend date?

The following information applies to the questions displayed below.]

The equity sections from Atticus Group’s 2016 and 2017 year-end balance sheets follow.

Stockholders’ Equity (December 31, 2016)
Common stock—$5 par value, 100,000 shares
authorized, 35,000 shares issued and outstanding		 $ 175,000
Paid-in capital in excess of par value, common stock 135,000
Retained earnings 340,000
Total stockholders’ equity $ 650,000
Stockholders’ Equity (December 31, 2017)
Common stock—$5 par value, 100,000 shares
authorized, 41,200 shares issued, 4,000 shares in treasury		 $ 206,000
Paid-in capital in excess of par value, common stock 190,800
Retained earnings ($30,000 restricted by treasury stock) 400,000
796,800
Less cost of treasury stock (30,000 )
Total stockholders’ equity $ 766,800


The following transactions and events affected its equity during year 2017.

Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10.
Mar. 20 Purchased treasury stock for cash.
Apr. 5 Declared a $0.50 per share cash dividend, date of record April 10.
July 5 Declared a $0.50 per share cash dividend, date of record July 10.
July 31 Declared a 20% stock dividend when the stock’s market value was $14 per share.
Aug. 14 Issued the stock dividend that was declared on July 31.
Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10.

Problem 13-4A Part 2

2. What is the total dollar amount for each of the four cash dividends?


Sarasota Corp. has been authorized to issue 20,400 shares of $100 par value, 6%, noncumulative preferred stock and 1,140,000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $154,000 Paid-in Capital in Excess of Par Value—Preferred Stock 21,400 Common Stock 1,980,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,550,000 Treasury Stock (4,400 common shares) 35,200 Retained Earnings 82,600 Accumulated Other Comprehensive Income 49,400 The preferred stock was issued for $175,400 cash. All common stock issued was for cash. In November 4,400 shares of common stock were purchased for the treasury at a per share cost of $8. No dividends were declared in 2017. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount 2. enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount 3. enter an account title to record the third transaction enter a debit amount enter a credit amount enter an account title to record the third transaction enter a debit amount enter a credit amount Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in