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1. Mel's Mechanical Repair Shop started the year with total assets of $60,000, total liabilities of $40,000, and retained earnings of $18,000. During the year, the business recorded $100,000 in auto repair revenues, $70,000 in expenses, and the company paid dividends of $15,000. If Mel's Mechanical Repair Shop ends the year with total assets of $80,000, and total liabilities of $35,000, what is the amount of common stock issued during the year? (A) $ 10,000 (B) $ 14,000 (C) $ 5,000 (D) $ 3,000 (E) None of the above

1. Mel's Mechanical Repair Shop started the year with total assets of $60,000, total liabilities of $40,000, and retained earnings of $18,000. During the year, the business recorded $100,000 in auto repair revenues, $70,000 in expenses, and the company paid dividends of $15,000. If Mel's Mechanical Repair Shop ends the year with total assets of $80,000, and total liabilities of $35,000, what is the amount of common stock issued during the year? (A) $ 10,000 (B) $ 14,000 (C) $ 5,000 (D) $ 3,000 (E) None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Mel's Mechanical Repair Shop started the year with total assets of $60,000, total liabilities of $40,000, and retained earnings of $18,000. During the year, the business recorded $100,000 in auto repair revenues, $70,000 in expenses, and the company paid dividends of $15,000. IfMel's Mechanical Repair Shop ends the year with total assets of $80,000, and total liabilities of $35,000, what is the amount of common stock issued during the year? (A) $ 10,000 (B) $ 14,000 (C) $ 5,000 (D) $ 3,000 (E) None of the above
Transcribed Image Text:1. Mel's Mechanical Repair Shop started the year with total assets of $60,000, total liabilities of $40,000, and retained earnings of $18,000. During the year, the business recorded $100,000 in auto repair revenues, $70,000 in expenses, and the company paid dividends of $15,000. IfMel's Mechanical Repair Shop ends the year with total assets of $80,000, and total liabilities of $35,000, what is the amount of common stock issued during the year? (A) $ 10,000 (B) $ 14,000 (C) $ 5,000 (D) $ 3,000 (E) None of the above
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