Exercise 11-8

 

 

 

 

 

Your answer is correct.

 

 

Wells Fargo & Company, headquartered in San
Francisco, is one of the nation’s largest financial institutions.
It reported the following selected accounts (in millions) as of
December 31, 2009.

Retained earnings

 

$41,563

 

Preferred stock

 

8,485

 

Common stock—$12/3 par value, authorized
6,000,000,000 shares; issued 5,245,971,422 shares

 

8,743

 

Treasury stock—67,346,829 shares

 

(2,450

)

Additional paid-in capital—common stock

 

52,878

 

Prepare the stockholders’ equity section of the balance sheet for
Wells Fargo as of December 31, 2009.