Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the current year ended, ABC had the following transactions: Issued 10,000 shares of $2 par common stock for $12 per share. Issued 3,000 shares

For the current year ended, ABC had the following transactions:

Issued 10,000 shares of $2 par common stock for $12 per share.

Issued 3,000 shares of $50 par, 6% preferred stock for $70 per share.

Purchased 1,000 shares of previously issued common stock for $15 per share.

Reported net income of $200,000.

Declared and paid a total dividend of $40,000.

Assume that retained earnings had a beginning balance of $75,000.Match the following amounts to the appropriate term (a-h).

$150,000 [ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

$100,00[ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

$60,000 [ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

$20,000 [ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

$235,000 [ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

$330,000 [ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

$550,000 [ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

$15,000 [ Choose ] Excess of issue price over par (preferred) Total paid-in capital Excess of issue price over par (common) Retained earnings Common stock Treasury stock Preferred stock Total stockholders' equity

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

Global Strategy

Authors: Mike W. Peng

5th Edition

0357512367, 978-0357512364

Students also viewed these Accounting questions

Question

How is a standardized residual different from a residual?

Answered: 1 week ago