The following selected information is from Princeton Companys comparative balance sheets. At December 31 2016 2015 Common
Fantastic news! We've Found the answer you've been seeking!
Question:
The following selected information is from Princeton Company’s comparative balance sheets.
| At December 31 | 2016 | | 2015 | ||
| Common stock, $10 par value | $ | 131,000 | | $ | 126,000 |
| Paid-in capital in excess of par | | 593,000 | | | 355,000 |
| Retained earnings | | 339,500 | | | 313,500 |
| | |||||
The company’s net income for the year ended December 31, 2016, was $61,000.
1. Complete the below table to calculate the cash received from the sale of its common stock during
Common Stock, $10 Par Paid-in Capital in Excess of Par
Beg. bal. Beg. bal.
Issuance of common stock
End. bal. 0 End. bal. 0
2. Complete the below table to calculate the cash paid for dividends during 2016.
Retained Earnings
Beg. bal.
2016 dividends
End. bal.
Expert Answer:
Statement showing Computations Particulars Common Stock 10 Par Paidin Capita... View the full answer
Related Book For 
Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild
Posted Date:
