For the Current Year Ended, ABC Had the Following Transactions

question 24

Multiple Choice

For the current year ended, ABC had the following transactions:
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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.
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Assume that retained earnings had a beginning balance of $75,000. Match the following amounts to the appropriate term (a-h) .
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-$235,000

• 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

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Definitions:

Moral Development

Moral development involves the changes in a person's sense of justice and moral reasoning as they grow, influenced by cultural, familial, and educational factors.

Principle-centred

An approach that bases personal and organizational behavior on enduring values and universal principles.

Organization's Best Interests

The activities, decisions, or policies that are considered most beneficial or advantageous for the overall success and sustainability of an organization.

Unethical Behaviour

Actions or decisions that violate moral principles or societal norms.