Question
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,
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, $3,800; Retained Earnings, $30,000; Total Stockholders' equity, $34,900. ABC Company has the following transactions affecting stockholders' equity in 2021: May 18 Issues 200 additional shares of $2 par value common stock for $15 per share. May 31 Purchases 40 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 15 shares of treasury stock purchased on May 31 for $58 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 750 1300 O 710 1260 What is the balance of Retained Earnings on December 31, 2021? $29,280 $28,180 $28,100 $30,380 What is the (debit) balance of the Treasury Stock account on December 31, 2021? O $1,000 $730 $1,450 $1,600 What is the balance of Additional Paid-In Capital on December 31, 2021? O $6,670 $6,130 O $6,530 $4,470 How is the number of outstanding shares on December 31, 2021? 725 1,275 O 175 O 1,125
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