For the current year ended, ABC had the following transactions: - Issued 10,000 shares of $2.00 par value common stock for $12.00 per share. - Issued 3,000 shares of $50 par value 6% preferred stock for $70 per share. - Purchased 1,000 shares of previously issued common stock for $15.00 per share. - Reported net income of $200,000. - Declared and paid a total dividend of $40,000. Assume that retained earnings had a beginning balance of $75,000. The company does not have any stock outstanding as of the beginning of the current year. $15,000 Drag answer here $235,000 Drag answer here $150,000 Drag answer here $60,000 Drag answer here $20,000 Drag answer here $330,000 Drag answer here $100,000 Drag answer here $550,000 Drag answer here Treasury stock Retained earnings Preferred stock Total paid-in capital Excess of issue price over par (common) Total stockholders' equity Common stock Excess of issue price over par (preferred)
For the current year ended, ABC had the following transactions: - Issued 10,000 shares of $2.00 par value common stock for $12.00 per share. - Issued 3,000 shares of $50 par value 6% preferred stock for $70 per share. - Purchased 1,000 shares of previously issued common stock for $15.00 per share. - Reported net income of $200,000. - Declared and paid a total dividend of $40,000. Assume that retained earnings had a beginning balance of $75,000. The company does not have any stock outstanding as of the beginning of the current year. $15,000 Drag answer here $235,000 Drag answer here $150,000 Drag answer here $60,000 Drag answer here $20,000 Drag answer here $330,000 Drag answer here $100,000 Drag answer here $550,000 Drag answer here Treasury stock Retained earnings Preferred stock Total paid-in capital Excess of issue price over par (common) Total stockholders' equity Common stock Excess of issue price over par (preferred)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
For the current year ended, ABC had the following transactions:
- Issued 10,000 shares of $2.00 par value common stock for $12.00 per share.
- Issued 3,000 shares of $50 par value 6%
- Purchased 1,000 shares of previously issued common stock for $15.00 per share.
- Reported net income of $200,000.
- Declared and paid a total dividend of $40,000.
Assume that
The company does not have any stock outstanding as of the beginning of the current year.
|
$15,000
|
|
|
$235,000
|
|
|
$150,000
|
|
|
$60,000
|
|
|
$20,000
|
|
|
$330,000
|
|
|
$100,000
|
|
|
$550,000
|
|
-
Treasury stock -
Retained earnings
-
Preferred stock
-
Total paid-in capital
-
Excess of issue price over par (common)
-
Total
stockholders' equity -
Common stock
-
Excess of issue price over par (preferred)
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