At December 31 Common stock, $10 par value.. Paid-in capital in excess of par Current Year Prior Year $105,000 $100,000 567,000 342,000 Retained earnings... 313,500 287,500
At December 31 Common stock, $10 par value.. Paid-in capital in excess of par Current Year Prior Year $105,000 $100,000 567,000 342,000 Retained earnings... 313,500 287,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information is from Princeton Company’s comparative balance sheets. The company’s net income for the current year ended December 31 was $48,000.
1. Compute the cash received from the sale of its common stock during the current year.
2. Compute the cash paid for dividends during the current year.
![At December 31
Common stock, $10 par value..
Paid-in capital in excess of par
Current Year Prior Year
$105,000
$100,000
567,000
342,000
Retained earnings...
313,500
287,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9f557adb-a889-4c20-a255-a6ebce7a1b10%2Fc48cd1ab-fe99-4911-9c82-dfe584046a62%2Fr8gnozd.jpeg&w=3840&q=75)
Transcribed Image Text:At December 31
Common stock, $10 par value..
Paid-in capital in excess of par
Current Year Prior Year
$105,000
$100,000
567,000
342,000
Retained earnings...
313,500
287,500
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