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Exercise 11-8 Wells Fargo & Company, headquartered in San Francisco, is one of the nation’s largest...

Exercise 11-8

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 $40,300
Preferred stock 8,150
Common stock—$1 2/3 par value, authorized 6,000,000,000 shares; issued 5,245,971,422 shares 8,365
Treasury stock—67,346,829 common shares (2,330 )
Paid-in capital in excess of par value—common stock 52,300
Accumulated Other Comprehensive Income 8,215


Prepare the stockholders’ equity section of the balance sheet for Wells Fargo as of December 31, 2017

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Answer #1
STOCK HOLDERS EQUITY
Paid In Capital
Preferred Stock             8,150
Common Stock             8,365
Paid In Capital Excess in par Value - Common Stock           52,300
Retained Earnings           40,300
Accumulated Other Comprehensive Income             8,215
Less : Treasury Stock           (2,330)
Total Stock Holders Equity       115,000
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