Bramble Corp.’s December 31, 2020 balance sheet showed the following:6% preferred stock, $10 par value, cumulative, 35000 shares authorized; 23000 shares issued$ 230000Common stock, $10 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares outstanding20000000Paid-in capital in excess of par value - preferred stock65000Paid-in capital in excess of par value - common stock28400000Retained earnings9650000Treasury stock (40,000 shares)450000Bramble's total paid-in capital was

Common stock: These are the shares issued by a company to an outsider. These shares entitle a share of ownership to the person acquired them. The holders of these shares will have voting powers and can elect the board of directors. In the event of liquidation, the holders of these shares will get a right on corporation's assets only after the preferred debts were paid off. Preferred stock: These are the shares which has a preference over common stock holders in the dividend payment at a fixed rate every year and also in the payment of proceeds in the event of liquidation. Paid-in capital: The paid-in capital is the total of the par value and the paid-in capital in excess of par value of shares of common stock and preferred stock. Stockholder’s equity: It is thea total equity of shareholders. It consists of common stock, preferred stock and the retained earnings. It can also be determined as total of assets minus total of liabilities.

Answered: Bramble Corp.’s December 31, 2020…

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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Bramble Corp.’s December 31, 2020 balance sheet showed the following:

6% preferred stock, $10 par value, cumulative,
35000 shares authorized; 23000 shares issued	$ 230000
Common stock, $10 par value, 4,000,000 shares authorized;
2,600,000 shares issued, 2,560,000 shares outstanding	20000000
Paid-in capital in excess of par value - preferred stock	65000
Paid-in capital in excess of par value - common stock	28400000
Retained earnings	9650000
Treasury stock (40,000 shares)	450000

Bramble's total paid-in capital was

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