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Presented below is the stockholders' equity section of Wendy Company on January 1 2014. Preferred Stock, P50 par value, 80,000 authorized, 30,000 issued - P1,500,000
Presented below is the stockholders' equity section of Wendy Company on January 1 2014. Preferred Stock, P50 par value, 80,000 authorized, 30,000 issued - P1,500,000 Common Stock, P20 par value, 50,000 shares authorized, 10,000 issued - P600,000 Additional Paid-in Capital - P150,000 Retained Earnings - P230,000 During 2014, the following transactions occurred relating to stockholders' equity: a. 1,000 shares were acquired at P28 per share b. 900 shares were acquired at P30 per share c. 1,500 shares of treasury were sold at P32 per share For the year ended December 31, 2014, Wendy reported net income of P110,000. What should Wendy report as total stockholders' equity on December 31, 2014 balance sheet
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