5. The following owners equity section of a firms balance sheet relates to the current year (end-of-year
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5. The following owners’ equity section of a firm’s balance sheet relates to the current year (end-of-year data): 8%, $100 par cumulative preferred stock $10,000 $5 par common stock 40,000 Contributed capital in excess of par-preferred 5,000 Contributed capital in excess of par-common stock 20,000 Retained earnings 60,000 Treasury stock (10,000) Total owner’s equity $125,000 How many common shares are issued?
a. 8,000
b. 6,000
c. 7,000
d. Insufficient information
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0073527062
9th Edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
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