Drake Co. summarized select account balances on December 31, 2020, and activity for 2020 in the following table. Retained earnings, beginning balance $60,000 Common stock, $1 par, 100,000 shares authorized, 50,000 shares issued 40,000 Treasury stock, 1,000 shares 10,500 Paid-in capital in excess of par 440,000 Accumulated other comprehensive income 25,000 Investment in stock 100,000 Bonds payable 50,000 Net income for 2020 (not included in retained earnings above) 12,000 Dividends declared and paid during 2020 (not included in retained earnings above) 5,000 Noncontrolling interests 2,500 Based on the information provided, what is total stockholders’ equity on December 31, 2020? Select one: a. $559,000 b. $585,000 c. $564,000 d. $574,000
Drake Co. summarized select account balances on December 31, 2020, and activity for 2020 in the following table. Retained earnings, beginning balance $60,000 Common stock, $1 par, 100,000 shares authorized, 50,000 shares issued 40,000 Treasury stock, 1,000 shares 10,500 Paid-in capital in excess of par 440,000 Accumulated other comprehensive income 25,000 Investment in stock 100,000 Bonds payable 50,000 Net income for 2020 (not included in retained earnings above) 12,000 Dividends declared and paid during 2020 (not included in retained earnings above) 5,000 Noncontrolling interests 2,500 Based on the information provided, what is total stockholders’ equity on December 31, 2020? Select one: a. $559,000 b. $585,000 c. $564,000 d. $574,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Drake Co. summarized select account balances on December 31, 2020, and activity for 2020 in the following table.
| $60,000 | |
| Common stock, $1 par, 100,000 shares authorized, 50,000 shares issued | 40,000 |
| 10,500 | |
| Paid-in capital in excess of par | 440,000 |
| Accumulated other comprehensive income | 25,000 |
| Investment in stock | 100,000 |
| Bonds payable | 50,000 |
| Net income for 2020 (not included in retained earnings above) | 12,000 |
| Dividends declared and paid during 2020 (not included in retained earnings above) | 5,000 |
| Noncontrolling interests | 2,500 |
Based on the information provided, what is total
Select one:
a. $559,000
b. $585,000
c. $564,000
d. $574,000
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