For the current year ended, ABC had the following transactions:

Issued 10,000 shares of $2 par common stock for $12 per share.Issued 3,000 shares of $50 par, 6% preferred stock for $70 per share.Purchased 1,000 shares of previously issued common stock for $15 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. Match the following amounts to the appropriate term (a-h).

-$20,000
A)Treasury stock
B)Retained earnings
C)Preferred stock
D)Excess of issue price over par (preferred)
E)Common stock
F)Total paid-in capital
G)Excess of issue price over par (common)
H)Total stockholders' equity

Question

For the current year ended, ABC had the following transactions:
​
Issued 10,000 shares of $2 par common stock for $12 per share.Issued 3,000 shares of $50 par, 6% preferred stock for $70 per share.Purchased 1,000 shares of previously issued common stock for $15 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. Match the following amounts to the appropriate term (a-h).
​
-$20,000
A)Treasury stock
B)Retained earnings
C)Preferred stock
D)Excess of issue price over par (preferred)
E)Common stock
F)Total paid-in capital
G)Excess of issue price over par (common)
H)Total stockholders' equity

Quizplus · Accepted Answer

The Answer of For the current year ended, ABC had the following transactions:
​
Issued 10,000 shares of $2 par common stock for $12 per share.Issued 3,000 shares of $50 par, 6% preferred stock for $70 per share.Purchased 1,000 shares of previously issued common stock for $15 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. Match the following amounts to the appropriate term (a-h).
​
-$20,000
A)Treasury stock
B)Retained earnings
C)Preferred stock
D)Excess of issue price over par (preferred)
E)Common stock
F)Total paid-in capital
G)Excess of issue price over par (common)
H)Total stockholders' equity

For the Current Year Ended, ABC Had the Following Transactions