Questions # 21-22 are based on the following:Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 100,000 sharesof $5 par value common stock. During 2021, Clothing Emporium had the following transactions relatingto shareholders' equity:B.C.D.21. What is the ending balance in the Retained Earnings account at the end of 2021?A.Jan. 1Feb. 15May 8Oct. 2ABCDB.Issued 30,000 shares of common stock at $7 per share.Issued 20,000 shares of common stock at $8 per share.Reported a net income of $100,000.Paid dividends of $50,000.$50,000.$370,000.$420,000.$100,000.22. What is the total stockholders' equity at the end of 2021?A.$370,000.$420,000.C. $470,000.D. $320,000.

Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…

Answered: Questions # 21-22 are based on the…

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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