Problem 11-1A (Part Level Submission) Culver Corporation was organized on Januar
ID: 2578523 • Letter: P
Question
Problem 11-1A (Part Level Submission)
Culver Corporation was organized on January 1, 2017. It is authorized to issue 22,800 shares of 6%, $50 par value preferred stock and 468,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 74,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 1,280 shares of preferred stock for cash at $54 per share. May 1 Issued 119,000 shares of common stock for cash at $5 per share. Sept. 1 Issued 5,800 shares of common stock for cash at $4 per share. Nov. 1 Issued 3,800 shares of preferred stock for cash at $60 per share.Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2017.
CULVER CORPORATION
Partial Balance Sheet
For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
$Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital
$Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital
$Explanation / Answer
Partial balance sheet:
*Paid in capital in excess of par value-preferred stock:
1280 shares @ $4 per share=$5,120
3800 shares @ $10 per share=$38,000
Total =$43,120
**Paid in capital in excess of stated value-common stock:
74,000 shares @ $3 per share=$222,000
119,000 shares @ $2 per share=$238,000
5,800 shares @ $1 per share=$5,800
Total=$465,800
Stockholders Equity Paid in capital Capital stock 6% Preferred stock, $50 par value, 22,80 shares authorized and 5080 shares issued $254,000 Common stock , no-par, $3 stated value, 468,000 shares authorized, 198,800 shares issued $596,400 Total capital stock $850,400 Additional paid in capital: Paid in capital in excess of par value-preferred stock $43,120* Paid in capital in excess of stated value-common stock $465,800** Total additional paid in capital $508,920 Total paid in capital $1,359,320