ch10 hw answers - CHAPTER 10 HOMEWORK: Multiple Choice...

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CHAPTER 10 HOMEWORK: Multiple Choice (Page 539): 1 . c 2. d 3. a 4. c 5. d 6. b 7. b 8. c 9. b 10. d E10-2A a. If Redmon were to prepare a balance sheet, how many shares would it show as authorized, issued and outstanding? Authorized: 200,000 Issued: 50,000 Outstanding: 49,000 (50,000 - 1,000) b. In addition to the shareholders' equity described above, Redmon also has $350,000 in Retained Earnings. Using this information, prepare the shareholders' equity section of their balance sheet. Shareholders' Equity: Common stock, $1 par $50,000 (200,000 shares authorized, 50,000 shares issued, 49,000 shares outstanding) Additional paid-in capital 75,000
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Total paid-in capital 125,000 Retained earnings 350,000 Less: Treasury stock (1,000 shares at cost) (3,000) Total shareholders' equity $472,000 E10-3A Give the journal entry for each of the following transactions. Journal entry: Debit Credit 1-Apr Cash 300,000 Common Stock 500 Additional Paid-in Capital – Com. Stk 299,500 1-Jun Cash 120,000 Preferred Stock
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This note was uploaded on 04/30/2008 for the course AIM 2301 taught by Professor Muslu during the Spring '08 term at University of Texas at Dallas, Richardson.

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ch10 hw answers - CHAPTER 10 HOMEWORK: Multiple Choice...

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