As of December 31, 2021, Corporation reported the following: Cash dividends payable $ 30,000 Treasury...
As of December 31, 2021, Corporation reported the
following:
| Cash dividends payable | $ | 30,000 | |
| Treasury stock | 700,000 | ||
| Paid-in capital—share repurchase | 30,000 | ||
| Common stock and other paid-in capital accounts | 5,000,000 | ||
| Retained earnings | 4,000,000 | ||
During 2022, half of the treasury stock was resold for $260,000;
net income was $700,000; cash dividends declared were $600,000; and
small stock dividends declared and distributed were $420,000.
What would shareholders' equity be as of December 31, 2022?
Multiple Choice
-
$9,690,000.
-
$8,690,000.
-
$8,780,000.
-
None of these amounts is correct
Homework Answers
| Common stock and other paid-in capital accounts | 5420000 |
| Retained earnings (4000000+700000-60000-600000-420000) | 3620000 |
| Total | 9040000 |
| Less: Treasury Stock | -350000 |
| Total Stockholder's equity | 8690000 |
So answer is b) $8690000
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As of December 31, 2021, Corporation reported the
following:
Cash dividends payable
$
30,000
Treasury...
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