For the Current Year Ended, ABC Had the Following Transactions

question 204

Short Answer

For the current year ended, ABC had the following transactions:
- Issued 10,000 shares of $2.00 par value common stock for $12.00 per share.- Issued 3,000 shares of $50 par value 6% preferred stock for $70 per share.- Purchased 1,000 shares of previously issued common stock for $15.00 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.The company does not have any stock outstanding as of the beginning of the current year.​
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
-$15,000

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Definitions:

Skipped Generation

The term describes family relationships where grandparents are the primary caregivers of grandchildren, with the parent generation absent in the caregiving role.

Fictive Kin

Refers to individuals who are not biologically or legally related but are considered and treated as family members due to their emotional or significant relational connection.

Kinkeeper

A family member who maintains communication, upholds family traditions, and strengthens the bond among family relatives.

Generativity

The concern for establishing and guiding the next generation, commonly expressed during middle adulthood.