A corporation issues common stock with a $5 stated value. Its Common Stock account has a balance of $2,500, its Additional Paid-In Capital account has a balance of $5,500, and its Retained Earnings account has a balance of $8,000. How many shares of stock have been issued? 3,200 1,600 500 none of these choices.
A corporation issues common stock with a $5 stated value. Its Common Stock account has a balance of $2,500, its Additional Paid-In Capital account has a balance of $5,500, and its Retained Earnings account has a balance of $8,000. How many shares of stock have been issued? 3,200 1,600 500 none of these choices.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Legal capital is
- defined by state law and varies among states.
- defined by federal law and specified in all state-granted charters.
- the amount of shareholders' equity that must be distributed as dividends.
- usually defined by the amount of additional paid-in capital
2. A corporation issues common stock with a $5 stated value. Its Common Stock account has a balance of $2,500, its Additional Paid-In Capital account has a balance of $5,500, and its
- 3,200
- 1,600
- 500
- none of these choices.
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