At the beginning of Year 2, Jones Company had a balance in common stock of $300,000 and a balance of retained earnings of $15,000. During Year 2, the following transactions occurred: • Issued common stock for $90,000 • Earned net income of $50,000 • Paid dividends of $8,000 • Issued a note payable for $20,000 Based on the information provided, what is the total stockholders' equity on December 31, Year 2? Multiple Choice $147,000 $427,000 $447,000 $357,000

At the beginning of Year 2, Jones Company had a balance in common stock of $300,000 and a balance of retained earnings of $15,000. During Year 2, the following transactions occurred: • Issued common stock for $90,000 • Earned net income of $50,000 • Paid dividends of $8,000 • Issued a note payable for $20,000 Based on the information provided, what is the total stockholders' equity on December 31, Year 2? Multiple Choice $147,000 $427,000 $447,000 $357,000

Name: At the beginning of Year 2, Jones Company had a balance in common sto
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Description: At the beginning of Year 2, Jones Company had a balance in common stock of $300,000 and a balance of retained earnings of $15,000.During Year 2, the following transactions occurred:• Issued common stock for $90,000• Earned net income of $50,000• Pai

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
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