Backup Corp

question 198

Essay

Backup Corp. received a charter authorizing 120,000 shares of common stock at $15 par value per share. During the first year of operations, 40,000 shares were sold at $28 per share. 600 shares were issued in payment of a current operating debt of $18,600. In the first year, the net income was $142,000.

During the year, dividends of $36,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first year (show all computations):
(1) Total liabilities and stockholders' equity
(2) Stockholders' equity
(3) Contributed capital
(4) Issued capital stock (par)
(5) Outstanding capital stock (par)
(6) Unissued capital stock (number of shares)
(7) Paid-In capital in excess of par value

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Definitions:

Practical Reasoning

The process of figuring out what to do in real-world situations, considering both the facts and the ethical implications.

Exploration Stage

An initial phase in a process where options, possibilities, or solutions are examined or investigated.

Exploration Stage

A phase in a process where options are researched, ideas are generated, and possibilities are considered before making a decision.

Political Context

The political environment and conditions that influence and shape actions, policies, and decisions.