The following selected list of accounts with their normal balances was taken from the general ledger...
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The following selected list of accounts with their normal balances was taken from the general ledger of Grant Corporation as of December 31, 2020. Answer Questions 30 through 32 using the following table. Cash Common shares, 100,000 shares authorized, 38,000 shares issued Retained earning Cash dividends payable Preferred shares, 300,000 shares authorized 200,000 shares issued 30) The average issue price of a common share was: A) $3.80 B) $1.90 C) $5.00 D) $0.95 31) The average issue price of a preferred share was: A) $2.50 B) $6.90 C) $5.00 D) $3.80 $173,500 190,000 131,500 25,000 500,000 32) The total shareholders' equity as of December 31, 2020 was: A) $190,000 B) $846,500 C) $881,500 D) $821,500 33) Overton Company had the following transactions in 2020, its first year of operations • Issued 5,000 common shares at $30.00 per share. • Earned net income of $200,000. • Paid dividends of $5.00 per share. At the end of 2020, how much is the total contributed capital? A) $150,000 B) $325,000 C) $175,000 D) $200,000 I The following selected list of accounts with their normal balances was taken from the general ledger of Grant Corporation as of December 31, 2020. Answer Questions 30 through 32 using the following table. Cash Common shares, 100,000 shares authorized, 38,000 shares issued Retained earning Cash dividends payable Preferred shares, 300,000 shares authorized 200,000 shares issued 30) The average issue price of a common share was: A) $3.80 B) $1.90 C) $5.00 D) $0.95 31) The average issue price of a preferred share was: A) $2.50 B) $6.90 C) $5.00 D) $3.80 $173,500 190,000 131,500 25,000 500,000 32) The total shareholders' equity as of December 31, 2020 was: A) $190,000 B) $846,500 C) $881,500 D) $821,500 33) Overton Company had the following transactions in 2020, its first year of operations • Issued 5,000 common shares at $30.00 per share. • Earned net income of $200,000. • Paid dividends of $5.00 per share. At the end of 2020, how much is the total contributed capital? A) $150,000 B) $325,000 C) $175,000 D) $200,000 I
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The detailed answer for the above question is provided below Step 1 Stockholders equity It refers to the investment made by shareholders in a company It consists of paid in capital and retained earnin... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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