A Firm Has the Balance Sheet Accounts, Common Stock and Paid-In

question 35

Multiple Choice

A firm has the balance sheet accounts, Common Stock and Paid-in Capital in Excess of Par, with values of $40,000 and $500,000, respectively. The firm has 40,000 common shares outstanding. If the firm had a par value of $1, the stock originally sold for ________.

• A) $11.50/share
• B) $12.50/share
• C) $13.50/share
• D) $15.50/share

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Definitions:

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Neotropical Skipper

A type of butterfly found in the Neotropical region, characterized by rapid, skipping flight patterns.

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A species complex of butterflies, previously thought to be a single species, showcasing cryptic species diversity.