Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

22 01:53:11 ABC Company has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock ($2 par value), $900; Additional

22 01:53:11 ABC Company has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock ($2 par value), $900; Additional Paid-in Capital, $4,000; Retained Earnings, $29,000; Total Stockholders' equity, $33,900. ABC Company has the following transactions affecting stockholders' equity in 2021: May 18 Issues 240 additional shares of $2 par value common stock for $15 per share. May 31 Purchases 30 shares of treasury stock for $40 per share. July 1 Declares a cash dividend of $2 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July 1. August 10 Resells 30 shares of treasury stock purchased on May 31 for $52 per share. December 31 Net income for the year ended December 31, 2021, is $800. Required: How many shares of common stock have been issued in total? O 690 O 1140 660 O 1110 What is the balance of Retained Earnings on December 31, 2021? O $28,480 O $27,580 O $27,520 O $29,380 What is the (debit) balance of the Treasury Stock account on December 31, 2021? O $-0 O $-360 O $0 O $1,200 What is the balance of Additional Paid-in Capital on December 31, 2021? O $7,480 O $6,760 O $7,240 O $4,840 How is the number of outstanding shares on December 31, 2021? O 690 O 1,140 O 240 O 900image text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Fraud Examination

Authors: Joseph T Wells

2nd Edition

0470128836, 9780470128831

More Books

Students also viewed these Accounting questions

Question

List three differences between financial and managerial accounting.

Answered: 1 week ago

Question

=+b) What were the factors and factor levels?

Answered: 1 week ago