T2101Ex Ch. 12 Problems cure https://newconnect.mheducation.com/flow/connect.htm

Question

T2101Ex Ch. 12 Problems cure https://newconnect.mheducation.com/flow/connect.html Problems 6 Help The following selected information is from Princeton Company's comparative balance sheets At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings 2818 130,00e 122,800 589,000 353,000 335,500 309, 500 2017 32-53 The company's net income for the year ended December 31, 2018, was $59,0oo. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2018. 2. Complete the T-account to calculate the cash paid for dividends during 2018. Complete this question by entering your answers in the tabs below. Required 1Required 2 Complete the T-accounts to calculate the cash received from the sale of its common stock during 2018 Common Stock, $10 Par

Explanation / Answer

Common stock $10 par Beg. Bal 122000 8000 Ending balance 130000 Paid in capital in excess of par Beg. Bal 353000 236000 Ending bal 589000 Cash received 244000 (8000+236000) Retained earnings Beg. Bal 309500 Dividend paid 33000 Net income 59000 Ending balance 335500

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