Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started