For the Current Year Ended, ABC Had the Following Transactions

question 69

Multiple Choice

For the current year ended, ABC had the following transactions:
​
Issued 10,000 shares of $2 par common stock for $12 per share.Issued 3,000 shares of $50 par, 6% preferred stock for $70 per share.Purchased 1,000 shares of previously issued common stock for $15 per share.Reported net income of $200,000.
Declared and paid a total dividend of $40,000.
​
Assume that retained earnings had a beginning balance of $75,000. Match the following amounts to the appropriate term (a-h) .
​
-$60,000

• A)Treasury stock
• B)Retained earnings
• C)Preferred stock
• D)Excess of issue price over par (preferred)
• E)Common stock
• F)Total paid-in capital
• G)Excess of issue price over par (common)
• H)Total stockholders' equity

---

Definitions:

Persuasive Arguments

Statements designed to convince or influence others to accept a particular point of view.

Memorandums

Brief written messages, often used within organizations, to communicate policies, procedures, or official business matters.

Form Letters

Pre-written letters for mass distribution, often customizable for individual recipients but containing a standardized message.

Grapevines

In an organizational context, grapevines refer to the informal channels of communication where information, rumors, and gossip spread among employees outside official channels.