Common stock, par value P2; authorized 20,000 shares; issued and outstanding 10,000 shares Paid-in capital in excess of par Retained earnings P 20,000 30,000 95,000 P145,000 On March 1, 2013, the board of directors declared a 15% stock dividend, and accordingly 1,500 additional shares were issued. On March 1, 2011, the fair value of the stock was P6 per share. For the two months ended February 28, 2013, Gunkel sustained a net loss of $10,000. What amount should Gunkel report as retained earnings as of March 1, 2013?

Common stock, par value P2; authorized 20,000 shares; issued and outstanding 10,000 shares Paid-in capital in excess of par Retained earnings P 20,000 30,000 95,000 P145,000 On March 1, 2013, the board of directors declared a 15% stock dividend, and accordingly 1,500 additional shares were issued. On March 1, 2011, the fair value of the stock was P6 per share. For the two months ended February 28, 2013, Gunkel sustained a net loss of $10,000. What amount should Gunkel report as retained earnings as of March 1, 2013?

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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