Use the following information to answer the question below. The following accounts appear in the ledger of Sayre Corporation on December 31, 2010
A balance sheet prepared on December 31, 2010 , would report total contributed capital of
A) $88,000.
B) $95,000.
C) $113,000.
D) $153,000.

Question

Use the following information to answer the question below. The following accounts appear in the ledger of Sayre Corporation on December 31, 2010
 A balance sheet prepared on December 31, 2010 , would report total contributed capital of
A) $88,000. 
B) $95,000. 
C) $113,000. 
D) $153,000.

Quizplus · Accepted Answer

Total contributed capital can be calculated by adding the common stock and additional paid-in capital accounts. 
Common stock: $50,000 
Additional paid-in capital: $63,000 
Total contributed capital: $50,000 + $63,000 = $113,000. Therefore, the correct answer is option C.

Use the Following Information to Answer the Question Below