The following information is for the next two questions: As of December 31, 2021, Warner Corporation reported the following: Dividends Payable 20,000 Treasury Stock 60,000 Paid in capital- Share Repurchase 20,000 Other Paid in Capital Accounts 4,000,000 Retained Earnings 3,000,000 During 2022, half of the treasury stock was resold for $320,000; net income was $600,000; cash dividends declared were $1,500,000; and stock dividends declared were $500,000. 1. The 2022 beginning balance in stockholders' equity is: A) $7,640. B) $6,440. C) $6,420. D) $6,400.

The following information is for the next two questions: As of December 31, 2021, Warner Corporation reported the following: Dividends Payable 20,000 Treasury Stock 60,000 Paid in capital- Share Repurchase 20,000 Other Paid in Capital Accounts 4,000,000 Retained Earnings 3,000,000 During 2022, half of the treasury stock was resold for $320,000; net income was $600,000; cash dividends declared were $1,500,000; and stock dividends declared were $500,000. 1. The 2022 beginning balance in stockholders' equity is: A) $7,640. B) $6,440. C) $6,420. D) $6,400.

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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