Barker Corp. received a charter authorizing 120,000 shares of common stock at P15 par value per...
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Barker Corp. received a charter authorizing 120,000 shares of common stock at P15 par value per share. During the first year of operations, 40,000 shares were sold at P28 per share. 600 shares were issued in payment of a current operating debt of P18,600. In the first year, the net income was P142,000. During the year, dividends of P36,000 were paid to stockholders At the end of the year, total liabilities were P82,000. Requirements: Use the given data to compute the following items a the end of the first year (show all computations): (1) Total liabilities and stockholders' equity (2) Stockholders' equity (3) Contributed capital (4) Issued capital stock (par) (5) Outstanding capital stock (par) (6) Unissued capital stock (number of shares) (7) Paid-In capital in excess of par value Barker Corp. received a charter authorizing 120,000 shares of common stock at P15 par value per share. During the first year of operations, 40,000 shares were sold at P28 per share. 600 shares were issued in payment of a current operating debt of P18,600. In the first year, the net income was P142,000. During the year, dividends of P36,000 were paid to stockholders At the end of the year, total liabilities were P82,000. Requirements: Use the given data to compute the following items a the end of the first year (show all computations): (1) Total liabilities and stockholders' equity (2) Stockholders' equity (3) Contributed capital (4) Issued capital stock (par) (5) Outstanding capital stock (par) (6) Unissued capital stock (number of shares) (7) Paid-In capital in excess of par value
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Answer rating: 100% (QA)
1 Total liabilities and shareholders equity 4060015 4000013 60016 142000 3600082000 1326600 2 Stoc... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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