Question

QS 16-9 Computing financing cash flows LO P3 The following selected information is from Princeton Company's comparative balance sheets At Common stock, $10 par value 201 Retained sarninein excess of pan $ 130,000 122,000 589,000 353,ee0 335,500 309,500 Retained earnings The company's net income for the year ended December 31, 2017, was $59,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017 Common Stock, $10 Par Beg bal End bal Paid-in Capital in Excess of Par Beg bal

Answer 1

		common stock $10 par
	beg bal		122,000
			8,000	cash
	End bal		130,000
		paid in capital in excess of par
	beg bal		353,000
			236,000	cash
	End bal		589,000
	cash received	244,000
		Retained earnings
	beg bal		309,500
			59,000	net income
	cash	33,000
	End bal		335,500