Before closing entries were recorded at the end of the accounting period (December 31, 2015), the...

 

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Before closing entries were recorded at the end of the accounting period (December 31, 2015), the following data were taken from the accounts of Buynow Corporation: Capital Stock, par $10 (20,000 shares issued) Contributed capital in excess of par Retained earnings, balance Decermber 31, 2014 Revenues earned during 2015 $200,000 15,000 80,000 400,000 Expenses incurred during 2015 344,000 Cash dividends declared and paid (during 2015) Treasury stock (1,000 shares at cost) 30,000 17,000 The total amount of owners' equity that should be reported on the balance sheet dated December 31, 2015, after all the closing entries, is $ 338,000. $128,000. $300,000. $304,000. Before closing entries were recorded at the end of the accounting period (December 31, 2015), the following data were taken from the accounts of Buynow Corporation: Capital Stock, par $10 (20,000 shares issued) Contributed capital in excess of par Retained earnings, balance Decermber 31, 2014 Revenues earned during 2015 $200,000 15,000 80,000 400,000 Expenses incurred during 2015 344,000 Cash dividends declared and paid (during 2015) Treasury stock (1,000 shares at cost) 30,000 17,000 The total amount of owners' equity that should be reported on the balance sheet dated December 31, 2015, after all the closing entries, is $ 338,000. $128,000. $300,000. $304,000.

Answer rating: 100% (QA)

Correct answer 304000 Working Capital stock 20000000 Contributed ... View the full answer