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For the Current Year Ended, ABC Had the Following Transactions

Question 191

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For the current year ended, ABC had the following transactions:
- Issued 10,000 shares of $2.00 par value common stock for $12.00 per share.
- Issued 3,000 shares of $50 par value 6% preferred stock for $70 per share.
- Purchased 1,000 shares of previously issued common stock for $15.00 per share.
- Reported net income of $200,000.
- Declared and paid a total dividend of $40,000.
Assume that retained earnings had a beginning balance of $75,000.
The company does not have any stock outstanding as of the beginning of the current year.

Premises:
$150,000
$100,000
$60,000
$20,000
$235,000
$330,000
$550,000
$15,000
Responses:
Treasury stock
Retained earnings
Preferred stock
Excess of issue price over par (preferred)
Common stock
Total paid-in capital
Excess of issue price over par (common)
Total stockholders' equity

Correct Answer:

$150,000
$100,000
$60,000
$20,000
$235,000
$330,000
$550,000
$15,000
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