Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ABC Company has the following beginning balances in its stockholders' equity accounts on January 1, 2021 Common Stock (52 par value) 5900: Additional Paid-in Capital

image text in transcribed
ABC Company has the following beginning balances in its stockholders' equity accounts on January 1, 2021 Common Stock (52 par value) 5900: Additional Paid-in Capital $4,000, Retained Earings. $27,000, Total Stockholders' equity, $31.900. ABC Company has the following transactions affecting stockholders' equity in 2021 May 18 Issues 230 additional shares of 52 par value common stock for $15 per share. May 31 Purchases 60 shares of treasury stock for $40 per share July 1 Declares a cash dividend of 33 per share to ali 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 25 shares of treasury stock purchased on May 31 for 350 per share. December 31 Net income for the year ended December 31, 2021, is $3,000. Required: How many shares of common stock have been issued in total? O 680 1130 0620 1070 What is the balance of Retained Earnings on December 31, 2021? $26.140 $24790 $24.610 O $27.490 What is the (debit) balance of the Treasury Stock account on December 31, 20212 $1.400 O $150 O $1750 O $2.400 What is the balance of Additional Pald-in Capital on December 31, 2021? 57.240 56740 O $7.200 O $4710 How is the number of outstanding shares on December 31, 20212 645 1095 195 935

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

Accounting In Emerging Economies

Authors: Mathew Tsamenyi

1st Edition

1849506256, 9781849506250

More Books

Students also viewed these Accounting questions