Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000 shares of $1 par value common stock. During the year, the company had the following transactions relating to stockholders’ equity: Issued 40,000 shares of common stock at $8 per share. Reported a net income of $60,000. Paid dividends of $30,000. Purchased 5,000 shares of treasury stock at $10 per share. What is total stockholders’ equity at the end of Year 1? Multiple Choice $300,000 $350,000 $400,000 $460,000
Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000 shares of $1 par value common stock. During the year, the company had the following transactions relating to stockholders’ equity: Issued 40,000 shares of common stock at $8 per share. Reported a net income of $60,000. Paid dividends of $30,000. Purchased 5,000 shares of treasury stock at $10 per share. What is total stockholders’ equity at the end of Year 1? Multiple Choice $300,000 $350,000 $400,000 $460,000
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...
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Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000 shares of $1 par value common stock. During the year, the company had the following transactions relating to
- Issued 40,000 shares of common stock at $8 per share.
- Reported a net income of $60,000.
- Paid dividends of $30,000.
- Purchased 5,000 shares of
treasury stock at $10 per share.
What is total stockholders’ equity at the end of Year 1?
Multiple Choice
-
$300,000
-
$350,000
-
$400,000
-
$460,000
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