Question
On January 1, 2018 Maplewood corporation had the following balances in its stockholders equity accounts: Common stock, $100,000 (10,000 shares of $10 par value stock);
On January 1, 2018 Maplewood corporation had the following balances in its stockholders equity accounts: Common stock, $100,000 (10,000 shares of $10 par value stock); Additional-Paid-In-Capital: excess over par $20,000; and retained earnings, $50,000. During 2018, the company Issued 2,000 additional shares of common stock for $15 per share, reported net Income of $60,000 and paid cash dividends of $20,000. What amount of stockholders Equity would Maplewood Corporation report on its December 31, 2018 balance sheet?
A. $110,000
B. $90,000
C. $240,000
D. $210,000
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