Poodle Corporation Was Organized on January 3, 2009

question 91

Multiple Choice

Poodle Corporation was organized on January 3, 2009. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2009, Poodle had the following transactions relating to shareholders' equity: Issued 30,000 shares of common stock at $7 per share.
Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.
What is total Paid-in capital at the end of 2009?

• A)$420,000.
• B)$370,000.
• C)$470,000.
• D)$320,000.(30,000 $7) + (20,000 $8) = $370,000

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Definitions:

Contributory Plan

A pension plan in which employees contribute a portion of their earnings to fund retirement benefits.

Non-contributory Plan

An employer-sponsored plan where the employer fully funds the benefits without employee contributions.

On-site Daycare Centres

Childcare facilities located within a workplace, allowing employees to have their children cared for close to their place of work.

Short Time-off

A brief period of leave from work, granted for various reasons such as personal emergencies, health issues, or family commitments.