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
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.23E
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F316033f6-8ac4-43f3-92a1-002916adf7ce%2F2fe69b88-f474-4f47-af34-6ef2e28b73a3%2Ffly5qsi_processed.png&w=3840&q=75)
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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