The stockholders' equity section of the December 31, 2019, balance sheet is provided below: Common Stock, $30 par, 20,000 shares issued and outstanding $600,000 Paid-in Capital in Excess of Par--Common Stock 240,000 Retained Earnings 700,000 Total Stockholders' Equity $1,540,000 Assume that all of the 20,000 shares of stock that was issued as of December 31, 2019, was issued for $42 per share. On March 1, 2020, the company reacquired 4,000 shares of its common stock for $50 per share. Refer to Ladder Distributors. What is the total amount of stockholders' equity that will be presented on the company's March 31, 2020, balance sheet? a.$1,340,000 b.$1,740,000 c.$1,372,000 d.$1,708,000
The stockholders' equity section of the December 31, 2019, balance sheet is provided below: Common Stock, $30 par, 20,000 shares issued and outstanding $600,000 Paid-in Capital in Excess of Par--Common Stock 240,000 Retained Earnings 700,000 Total Stockholders' Equity $1,540,000 Assume that all of the 20,000 shares of stock that was issued as of December 31, 2019, was issued for $42 per share. On March 1, 2020, the company reacquired 4,000 shares of its common stock for $50 per share. Refer to Ladder Distributors. What is the total amount of stockholders' equity that will be presented on the company's March 31, 2020, balance sheet? a.$1,340,000 b.$1,740,000 c.$1,372,000 d.$1,708,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The stockholders' equity section of the December 31, 2019, balance sheet is provided below:
Assume that all of the 20,000 shares of stock that was issued as of December 31, 2019, was issued for $42 per share. On March 1, 2020, the company reacquired 4,000 shares of its common stock for $50 per share.
Refer to Ladder Distributors. What is the total amount of stockholders' equity that will be presented on the company's March 31, 2020, balance sheet?
| Common Stock, $30 par, 20,000 shares issued and outstanding | $600,000 |
| Paid-in Capital in Excess of Par--Common Stock | 240,000 |
| 700,000 | |
| Total Stockholders' Equity | $1,540,000 |
Assume that all of the 20,000 shares of stock that was issued as of December 31, 2019, was issued for $42 per share. On March 1, 2020, the company reacquired 4,000 shares of its common stock for $50 per share.
Refer to Ladder Distributors. What is the total amount of stockholders' equity that will be presented on the company's March 31, 2020, balance sheet?
a.$1,340,000
b.$1,740,000
c.$1,372,000
d.$1,708,000
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