The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of $1 par value common stock. During Year 1, the company had the following transactions relating to stockholders equity: Issued 50,000 shares of common stock at $10 per share. Issued 20,000 shares of common stock at $11 per share. Reported a net income of $100,00o. Paid dividends of $10,000. Purchased 1,000 shares of treasury stock at $15 What is total paid-in capital at the end of Year 1? Vhat is the ending balance in the Retained Earnings account at the end of Year 1? "hat is total stockholders' equity at the end of Year 1?
The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of $1 par value common stock. During Year 1, the company had the following transactions relating to stockholders equity: Issued 50,000 shares of common stock at $10 per share. Issued 20,000 shares of common stock at $11 per share. Reported a net income of $100,00o. Paid dividends of $10,000. Purchased 1,000 shares of treasury stock at $15 What is total paid-in capital at the end of Year 1? Vhat is the ending balance in the Retained Earnings account at the end of Year 1? "hat is total stockholders' equity at the end of Year 1?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Transcribed Image Text:The company was organized on January 1, Year 1. The firm was authorized to issue 500,000 shares of $1 par
value common stock. During Year 1, the company had the following transactions relating to stockholders
equity:
Issued 50,000 shares of common stock at $10 per share.
Issued 20,000 shares of common stock at $11 per share.
Reported a net income of $100,000.
Paid dividends of $10,000.
Purchased 1,000 shares of treasury stock at $15
What is total paid-in capital at the end of Year 1?
What is the ending balance in the Retained Earnings account at the end of Year 1?
What is total stockholders' equity at the end of Year 1?
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