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Retained earnings represents past net incomes less past dividends. therefore any balance in this account would be listed on the income statements. The main source

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Retained earnings represents past net incomes less past dividends. therefore any balance in this account would be listed on the income statements. The main source of paid-in-capital is from issuing stock. The number of shares of outstanding stock is equal to the number of shares authorized minus the number of shares issued. The par value of stock is an arbitrary per share amount defined in many states as legal capital. When common stock is issued in exchange for land, the land, the lend should be recorded in the accounts at the par amount of the stock issued. The day on which the board of directors of the corporation distributes a dividend is called the declaration date. Under the cost method, when treasury stock is purchased by the corporation, the pat value and the price at which the stock was originally issued ate important. A sale of treasury stock may result in a decrease in paid-in-capital. All decreases should be charged to the Paid-in-Capital from Sale of Treasury account. If paid-in-capital in excess of par preferred stock is $30.000, preferred stock is $200,000, paid-in-capital excess of par/common stock is $20.000. common stock it $525.000. and retained earnings is $105.000 (deficit), the total stockholders' equity is $880.000. A stuck split results in a transfer at market value from retained earnings to paid-in capital. Identify the choice that best completes the statement or answer the question. Which of the following is not a characteristic of a general partnership? the partnership is created by a contract mutual agency partners share equally in net income or net losses unless an agreement states differently dissolution occurs only when all partners agree As part of the initial investment, a partner contributes equipment that had originally cost which accumulated depreciation of $85,000 has been recorded. If similar equipment would replace and the partners agree on a valuation of $45,000 for the contributed equipment, what be debited to the equipment account? $45,000 $140,000 $110,000 $85,000

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