Question
On January 1, C company sells 50,000 shares of $3 par common stock for $5. It does not issue any preferred stock. Later on the
On January 1, C company sells 50,000 shares of $3 par common stock for $5. It does not issue any preferred stock. Later on the company buys back 10% of its common shares outstanding for $7 per share. Total equity on December 31 is $300,000. What is retained earnings on December 31?
Select one:
a. $85,000
b. $50,000
c. $120,000
d. $185,000
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Accounting For Non-Accountants
Authors: David Horner
10th Edition
0749472812, 978-0749472818
