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Lisgar Corporation's shareholders' equity section at the beginning and end of 20x7 were as follows: Jan. 1, 20x7 Dec. 31, 20x7 $802651 $765791 513455 635964 15523 0 Common shares Retained Earnings Contributed Surplus - reacquisition of common shares The following transactions took place during the year: Feb. 20 August 1 Dec. 31 Select one: Issued 5000 common shares for $114673 cash How much cash did Lisgar Co. receive on the August 1 retirement of common shares? Assume the company did not declare any dividends during the year. a. $207561 b. $151533 c. $167056 d. $56028 Retired 10000 common shares Reported net income of $163014 for the year

Lisgar Corporation's shareholders' equity section at the beginning and end of 20x7 were as follows: Jan. 1, 20x7 Dec. 31, 20x7 $802651 $765791 513455 635964 15523 0 Common shares Retained Earnings Contributed Surplus - reacquisition of common shares The following transactions took place during the year: Feb. 20 August 1 Dec. 31 Select one: Issued 5000 common shares for $114673 cash How much cash did Lisgar Co. receive on the August 1 retirement of common shares? Assume the company did not declare any dividends during the year. a. $207561 b. $151533 c. $167056 d. $56028 Retired 10000 common shares Reported net income of $163014 for the year

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lisgar Corporation's shareholders' equity section at the beginning and end of 20x7 were as follows: Jan. 1, 20x7 Dec. 31, 20x7 $765791 635964 0 Common shares Retained Earnings Contributed Surplus - reacquisition of common shares The following transactions took place during the year: Feb. 20 August 1 Dec. 31 $802651 513455 15523 Select one: How much cash did Lisgar Co. receive on the August 1 retirement of common shares? Assume the company did not declare any dividends during the year. a. $207561 b. $151533 c. $167056 d. $56028 Issued 5000 common shares for $114673 cash Retired 10000 common shares Reported net income of $163014 for the year
Transcribed Image Text:Lisgar Corporation's shareholders' equity section at the beginning and end of 20x7 were as follows: Jan. 1, 20x7 Dec. 31, 20x7 $765791 635964 0 Common shares Retained Earnings Contributed Surplus - reacquisition of common shares The following transactions took place during the year: Feb. 20 August 1 Dec. 31 $802651 513455 15523 Select one: How much cash did Lisgar Co. receive on the August 1 retirement of common shares? Assume the company did not declare any dividends during the year. a. $207561 b. $151533 c. $167056 d. $56028 Issued 5000 common shares for $114673 cash Retired 10000 common shares Reported net income of $163014 for the year
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