Question
Clothing Emporium was organized on January 1, 2018. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2018, Clothing
Clothing Emporium was organized on January 1, 2018. The firm was
authorized to issue 100,000 shares of $5 par value common stock. During
2018, Clothing Emporium had the following transactions relating to
shareholders' equity:
Issued 30,000 shares of common stock at $7 per share.
Issued 20,000 additional shares of common stock at $8 per share.
Issued 300 shares of preferred stock PV=5 at $15 per share
Reported a net income of $100,000.
Paid dividends of $50,000.
Given the above answer the following questions
1. What is the total in the common stock account at 12/31/18
2. What is the ending balance in retained earnings at 12/31/18
3. What is additional paid in capital at 12/31/18
4. What is the total in the preferred stock account at 12/31/18
5. What is total stockholders equity at 12/31/18?
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