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The following information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Year Prior Year $ 131,000 593,000 $126,000 355,000 339,500 313,500 The company's net income for the current year ended December 31 was $61,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common sto Common Stock, $10 Par Beginning balance Ending balance Paid-in Capital in Excess of Par Beginning balance

The following information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Year Prior Year $ 131,000 593,000 $126,000 355,000 339,500 313,500 The company's net income for the current year ended December 31 was $61,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common sto Common Stock, $10 Par Beginning balance Ending balance Paid-in Capital in Excess of Par Beginning balance

Intermediate Accounting: Reporting And Analysis
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 13P: Statement of Cash Flows The following are Mueller Companys cash flow activities: a. Net income,...
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The following information is from Princeton Company's comparative balance sheets. At December 31 Prior Year Common stock, $10 par value $126,000 Paid-in capital in excess of par Current Year $ 131,000 593,000 339,500 355,000 Retained earnings 313,500 The company's net income for the current year ended December 31 was $61,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock Beginning balance Ending balance Common Stock, $10 Par Paid-in Capital in Excess of Par Beginning balance Ending balance Cash received
Transcribed Image Text:The following information is from Princeton Company's comparative balance sheets. At December 31 Prior Year Common stock, $10 par value $126,000 Paid-in capital in excess of par Current Year $ 131,000 593,000 339,500 355,000 Retained earnings 313,500 The company's net income for the current year ended December 31 was $61,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock Beginning balance Ending balance Common Stock, $10 Par Paid-in Capital in Excess of Par Beginning balance Ending balance Cash received
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