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).

-$330,000
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).
​
-$330,000
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 total paid-in capital is calculated by adding the common stock, preferred stock, and the excess of issue price over par for both common and preferred stock.

For the Current Year Ended, ABC Had the Following Transactions