Use the following information to answer the question below.
The following accounts appear in the ledger of Bullock Corporation on December 31,2013:
A balance sheet prepared on December 31,2013,would report total contributed capital of
A) $172,000.
B) $186,000.
C) $222,000.
D) $302,000.

Question

Use the following information to answer the question below. 
The following accounts appear in the ledger of Bullock Corporation on December 31,2013:
 A balance sheet prepared on December 31,2013,would report total contributed capital of
A) $172,000. 
B) $186,000. 
C) $222,000. 
D) $302,000.

Quizplus · Accepted Answer

To calculate the total contributed capital, we need to add the accounts "Common Stock" and "Paid-in Capital in Excess of Par Value." From the ledger, we can see that Common Stock has a balance of $150,000, and Paid-in Capital in Excess of Par Value has a balance of $72,000, for a total of $222,000 (150,000 + 72,000). Therefore, the correct answer is C.

Use the Following Information to Answer the Question Below