For the Current Year Ended, ABC Had the Following Transactions

question 53

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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-$150,000

• 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:

Submucosa

The layer of dense irregular connective tissue or loose connective tissue that lies beneath a mucosa, providing it with nutrients and support.

Alimentary Canal

The whole passage along which food passes through the body from mouth to anus, including the esophagus, stomach, and intestines.

Common Hepatic Duct

A duct in the liver that carries bile from the liver and joins with the cystic duct to form the bile duct.

Stratified Squamous Epithelium

A type of tissue composed of multiple layers of flat cells, providing protection in areas subject to abrasion.