loader  Loading... Please wait...

Question(s) / Instruction(s):

Alex Corporation’s ledger includes the following account balances at December 31, 2007:

 

Account Payable                                                                                              300,000

Paid-In capital in Excess of Par Value, Preferred                                 100,000

Accumulated Depreciation                                                                          150,000

Paid-In capital in Excess of Par Value, Common                                  800,000

Cash                                                                                                                      100,000

Retained Earnings                                                                                            400,000

Dividends Payable                                                                                           8,000

Treasury Stock, Common, 2,000 shares                                                  60,000

Preferred Stock, 9% $100 par value, 5,000 shares issued                                500,000

Bonds Payable                                                                                                  900,000

Common Stock, $1 par value, 200,000 shares issued                         200,000

The balance sheet prepared at December 31, 2007, would report total legal capital of:

a.            $500,000

b.            $700,000

c.             $800,000

d.            $1,540,000

e.            None of the above.

Find Similar Answers by Subject


Student Reviews

Rate and review your solution! (Please rate on a Scale of 1 - 5. Top Rating is 5.)


Expert's Answer
Download Solution:
$1.79

This solution includes:

  • Plain text
  • Cited sources when necessary
  • Attached file(s)
  • Solution Document(s)



Reach Us

408-538-8534

20-3582-4059

39-008-4233

+1-408-904-6494