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Common stock and additional paid capital
I am having difficulty figuring this out.
I have a balance sheet from January 1st,2014 with the following.. Assets =liability + stock equity. Common stock (8800 shares, 50 par value). With a credit of $4400 Additional paid in capital with a credit of $71600 Wondering what I need to do for my general journal, t account, and my end of year balance sheet. I feel like I am missing something. Please help! Thank you! |
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well firstly
your stock account suggests the shares have a unit value of 50 cents so a further 143200 shares have been issued. Of course this is making a lot of assumptions since we don't know if the shares were issued at a premium or a discount, whether they are common stock or preferential or the capital has been issued as the result of a call. I would intrepret the par value of the shares as $50 and proceed as if the additional shares were issued Your balance sheet needs to reflect paid up capital of 76000 |
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