For the Current Year Ended, ABC Had the Following Transactions

question 132

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) .
​
-$100,000

• 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:

Mainstream Commercial Media

Media outlets, such as television networks and newspapers, that are widely consumed by the general public and supported through advertising revenue.

Media Industry

The sector of the economy dedicated to the production and distribution of media content, such as broadcasting, publishing, internet media, and film production.

Journalistic Objectivity

The journalistic principle that aims to present news and information in a balanced, impartial, and unbiased manner, without letting personal opinions influence the coverage.

Social Positions

The relative standing or rank of individuals or groups in society, often determined by socio-economic factors, profession, or cultural influence.