Anole Company

Anole Company was incorporated as a new business on January 1, 2017. The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative, participating preferred stock. On January 1, 2017, the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share. Net income for the year ended December 31, 2017, was $375,000.

-Refer to the information about Anole Company.
The amount of Anole's total contributed capital at December 31,2017,is

Question

Anole Company

Anole Company was incorporated as a new business on January 1, 2017. The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative, participating preferred stock. On January 1, 2017, the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share. Net income for the year ended December 31, 2017, was $375,000.

-Refer to the information about Anole Company.  
The amount of Anole's total contributed capital at December 31,2017,is

Quizplus · Accepted Answer

The total contributed capital of a company is the sum of its common stock and additional paid-in capital. From the information given, Anole has common stock of $60,000 and additional paid-in capital of $120,000 as of December 31, 2017. Therefore, the total contributed capital is $60,000 + $120,000 = $180,000.

Anole Company Anole Company Was Incorporated as a New Business on January