The following information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Year Prior Year $ 131,000 593,000 $126,000 355,000 339,500 313,500 The company's net income for the current year ended December 31 was $61,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common sto Common Stock, $10 Par Beginning balance Ending balance Paid-in Capital in Excess of Par Beginning balance

The following information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Year Prior Year $ 131,000 593,000 $126,000 355,000 339,500 313,500 The company's net income for the current year ended December 31 was $61,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common sto Common Stock, $10 Par Beginning balance Ending balance Paid-in Capital in Excess of Par Beginning balance

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Question

The following information is from Princeton Company's comparative balance sheets.
At December 31
Prior Year
Common stock, $10 par value
$126,000
Paid-in capital in excess of par
Current Year
$ 131,000
593,000
339,500
355,000
Retained earnings
313,500
The company's net income for the current year ended December 31 was $61,000.
1. Complete the T-accounts to calculate the cash received from the sale of its common stock
Beginning balance
Ending balance
Common Stock, $10 Par
Paid-in Capital in Excess of Par
Beginning balance
Ending balance
Cash received

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