Question
A company reported total stockholders' equity of $540,000 on its balance sheet dated December 31, 2016. During the year ended December 31, 2017, the company
A company reported total stockholders' equity of $540,000 on its balance sheet dated December 31, 2016. During the year ended December 31, 2017, the company reported net income of $60,000, declared and paid a cash dividend of $18,000, declared and distributed a 10% stock dividend with a $15,000 total market value, issued additional common stock for $70,000, and resold treasury stock for $15,000 that it had purchased in 2016 for $12,000. What is total stockholders' equity as of December 31, 2017?
Select one:
A. $667,000.
B. $655,000.
C. $670,000.
D. $640,000.
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Accounting What the Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
11th edition
1259535312, 978-1259535314
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