For the current year ended, ABC had the following transactions: - Issued 10,000 common shares of par
Question:
For the current year ended, ABC had the following transactions:
- Issued 10,000 common shares of par value of $2.00 to $12.00 per share.
- Issued 3,000 shares of $50 par value 6% preferred stock at $70 per share.
- Purchased 1,000 previously issued common shares at $15.00 per share.
- Reported net income of $200,000.
- Declared and paid a total dividend of $40,000.
Assume that the retained earnings had a beginning balance of $75,000.
Match the following:
1.$550,000 a. Own shares
2.$15,000 b. Total capital paid in
3.$235,000 c. Total Shareholders' Equity
4.$100,000 d. Excess of issue price over pair (preferred)
5.$330,000 e. Excess of issue price over par (common)
6.$20,000 f. Common Stock
7.$60,000 g. Retained shares
8. $150,000 h. Preferred stock
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge