On January 1, 2014, the accounts of Mac Corporation showed the following:

\begin{array}{lr}\text { Common stock, par } \$ 1 \text {, authorized } 100,000 \text { shares } & ? \\\text { Capital in excess of par (at } \$ 2 \text { per share) } & 60,000 \\\text { Retained earnings } & 140,000\end{array}

During 2014, the following transactions occurred which affected stockholders' equity (in the order given): A. Issued a

100 \%

stock dividend when the market price was at

\$ 5

per share.
B. Purchased treasury stock, 1,000 shares, at a total cost of

\$ 8,000

.
C. Declared and paid cash dividends,

\$ 15,000

.
D. Net income for

2014 , \$ 25,000

. Required:
The stockholders' equity section of the balance sheet for the company must be prepared for the December 31, 2014 balance sheet. The format is given below with certain amounts missing. Supply the missing amounts by entering them in the blanks. $On January 1, 2014, the accounts of Mac Corporation showed the following: \begin{array}{lr} \text { Common stock, par } \$ 1 \text {, authorized } 100,000 \text { shares } & ? \\ \text { Capital in excess of par (at } \$ 2 \text { per share) } & 60,000 \\ \text { Retained earnings } & 140,000 \end{array} During 2014, the following transactions occurred which affected stockholders' equity (in the order given): A. Issued a 100 \% stock dividend when the market price was at \$ 5 per share. B. Purchased treasury stock, 1,000 shares, at a total cost of \$ 8,000 . C. Declared and paid cash dividends, \$ 15,000 . D. Net income for 2014 , \$ 25,000 . Required: The stockholders' equity section of the balance sheet for the company must be prepared for the December 31, 2014 balance sheet. The format is given below with certain amounts missing. Supply the missing amounts by entering them in the blanks.$

Which of the Following Is True About a Sole Proprietorship

Multiple Choice

Correct Answer:VerifiedUnlock this answer nowGet Access to more Verified Answers free of chargeAccess For Free

Correct Answer:
Verified
Unlock this answer now
Get Access to more Verified Answers free of charge