ABC Corporation's charter authorized 120,000 shares of common stock, par $10. During the first year, 25,000 shares were sold and issued at $18 per share; in addition, 800 shares were subscribed for at the same price. One half of the subscription price was collected during the year. At the end of the first year, reported net income was $22,000 and cash dividends of $6,000 were declared and paid. At year-end, liabilities amounted to $25,000. On the last day of the year, 100 shares of stock were purchased from a disgruntled stockholder at $22 per share (assume the cost method). At year end, what is the total amount of the company's total stockholders' equity? 480,400 478,200 O 455.400 472,200

ABC Corporation's charter authorized 120,000 shares of common stock, par $10. During the first year, 25,000 shares were sold and issued at $18 per share; in addition, 800 shares were subscribed for at the same price. One half of the subscription price was collected during the year. At the end of the first year, reported net income was $22,000 and cash dividends of $6,000 were declared and paid. At year-end, liabilities amounted to $25,000. On the last day of the year, 100 shares of stock were purchased from a disgruntled stockholder at $22 per share (assume the cost method). At year end, what is the total amount of the company's total stockholders' equity? 480,400 478,200 O 455.400 472,200

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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