For the Current Year Ended, ABC Had the Following Transactions

question 69

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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-$60,000

• 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:

Methamphetamine

A potent central nervous system stimulant that is used in the treatment of attention deficit hyperactivity disorder (ADHD) and narcolepsy but is more widely known as a recreational drug for its euphoric effects.

Altered Visual Perception

refers to changes in how visual information is interpreted by the brain, potentially causing illusions or misinterpretations of visual stimuli.

MDMA

A psychoactive drug primarily used for recreational purposes, known for its effects on mood, perception, and energy, also known as ecstasy or Molly.

Cocaine

A powerful stimulant drug derived from the leaves of the coca plant, known for its addictive properties and illegal status in many countries.