The following selected 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 The company's net income for the year ended December 31, 2017, was $62,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017. Beg. bal. End. bal. Beg. bal. End. bal. Cash received 2017 2016 $134,000 $128,000 595,000 356,000 341,500 315,500 Common Stock, $10 Par 128,000 6,000 Issuance of common stock $ 245,000 134,000 Paid-in Capital in Excess of Par 356,000 239,000 Issuance of common stock 595,000
The following selected 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 The company's net income for the year ended December 31, 2017, was $62,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017. Beg. bal. End. bal. Beg. bal. End. bal. Cash received 2017 2016 $134,000 $128,000 595,000 356,000 341,500 315,500 Common Stock, $10 Par 128,000 6,000 Issuance of common stock $ 245,000 134,000 Paid-in Capital in Excess of Par 356,000 239,000 Issuance of common stock 595,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QS 16-9 Computing financing cash flows LO P3
The following selected 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
Beg. bal.
The company's net income for the year ended December 31, 2017, was $62,000.
1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017.
End. bal.
Beg. bal.
End. bal.
Cash received
2017
$ 134,000
595,000
341,500
Common Stock, $10 Par
128,000
6,000 Issuance of common stock
$ 245,000
2016
$128,000
356,000
315,500
134,000
Paid-in Capital in Excess of Par
356,000
239,000 Issuance of common stock
595,000
Transcribed Image Text:2. Complete the T-account to calculate the cash paid for dividends during 2017.
Beg. bal.
2017 dividends
End. bal.
Retained Earnings
315,500
62,000 2017 Net income
377,500
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