A company issued 60 shares of $100 par value stock for $7,000 cash.The total amount of contributed capital is:
A)$100
B)$600
C)$1,000
D)$6,000
E)$7,000

Name: A company issued 60 shares of $100 par value stock for $7,000 cash.The total amount of contributed capital is: A)$100 B)$600 C)$1,000 D)$6,000 E)$7,000
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Question

Quizplus · Accepted Answer

The total amount of contributed capital is the amount of cash received from issuing the shares, which is $7,000.

A Company Issued 60 Shares of $100 Par Value Stock