Answered step by step
Verified Expert Solution
Question
1 Approved Answer
22 Need just answer in 10 minutes. I will rate positive ABC Company has the following beginning balances in its stockholders' equity accounts on January
22 Need just answer in 10 minutes. I will rate positive
ABC Company has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock ($2 par value), $1,100; Additional Paid-in Capital, $4,000; Retained Earnings, $26,000; Total Stockholders' equity, $31,100. ABC Company has the following transactions affecting stockholders' equity in 2021 May 18 Issues 219 additional shares of $2 par value common stock for $20 per share. May 31 Purchases 40 shares of treasury stock for $35 per share. July 1 Declares a cash dividend of $3 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 20 shares of treasury stock purchased on May 31 for $52 per share. December 31 Net income for the year ended December 31, 2021, is $700. Required: How many shares of common stock have been issued in total? O 760 1310 O 720 O 1270 What is the balance of Retained Earnings on December 31, 2021? O $24,540 O $22,890 O $22,770 O $26,190 What is the (debit) balance of the Treasury Stock account on December 31, 2021? O $700 O $360 O $1,040 O $1,400 What is the balance of Additional Paid-in Capital on December 31, 2021? $8,120 O $7,440 O $7,860 $4.760 How is the number of outstanding shares on December 31, 2021? 0 740 O 1.290 0 190 0 1.120Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started