Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. clothing emporium was organized on january 1, 2018

Clothing Emporium was organized on January 1, 2018. The firm was authorized to issue 100,000...

50.1K

Verified Solution

Question

Accounting

Clothing Emporium was organized on January 1, 2018. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2018, Clothing Emporium 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 the total amount recorded in the Common Stock account at the end of 2018?

$370,000.

$250,000.

$470,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Develop a well-structured MATLAB function to compute the Maclaurin series expansion for the cosine function and name...

Advance Math
Q

Prove verbally without referencing a Venn diagram, can use a Vennn diagram to visually see it...

Advance Math
Q

3 A thin diamagnetic rod is placed vertically between the poles of an electromagnet When...

Physics
Q

Which of the images below best represent Select one O a 18

Geometry
Q

Solve the following by using the square root property of equality 1 1 18 www...

Basic Math
Q

State the domain range for each of the following relations and if it is a...

Basic Math
Q

Identify the transformation equation below for the following function:f(x) = x? shifted 2 units right...

Basic Math
Q

Write an equation for a parabola with x intercepts 4 0 and 3 0 which...

Algebra
Q

1. Journal entries: Croc-ade, Inc. is a sports drink manufacturer that uses a process costing...

Accounting
Q

David was very excited to hear about the potential tax savings from shifting income from...

Accounting
Q

Question 31 2.5 pts Suppose that Richard Flare, a North Carolina-based...

Finance
Q

Given an interest rate of 7.3 percent per year, what is the value at date...

Finance