The following table contains financial information for Trumpeter Inc. before closing entries:
Cash $ 12,000
Supplies 4,500
Prepaid Rent 2,000
Salaries Expense 4,500
Equipment 65,000
Service Revenue 30,000
Miscellaneous Expense 20,000
Dividends 3,000
Accounts Payable 5,000
Common Stock 68,000
Retained Earnings 8,000
What is the amount of Trumpeter's total stockholders' equity?
A) $5,000.
B) $78,500.
C) $68,500.
D) $83,500.
Answer: B
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Accounting
- When treasury stock is sold for more than the company originally paid to purchase the shares, the difference:
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- The purchase of treasury stock can boost earnings per share by:
- Why would a corporation purchase its own stock?
- The corporation's own stock that has been issued and then bought back by the company is referred to as:
- What would be the impact on the accounting equation when a company acquires treasury stock?
- Which of the following is TRUE regarding the accounting for treasury stock?
- Which of the following statements about treasury stock transactions is true?
- When an investment is made in another corporation's common stock, what is the effect on total stockholders' equity?
- When treasury stock is acquired, what is the effect on total stockholders' equity?
- When treasury stock is resold at a price above cost:
- A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?
- Which of the following is not a potential feature of preferred stock?
- Which of the following financing alternatives has the highest preference for dividends/interest payments?
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- Which of the following has the highest expected return to the investor?
- Preferred stock:
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- When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
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- If a company issues 1,000 shares of $1 par value common stock for $20 per share, which of the following accounts would be credited?
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