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Gemiola [76]
3 years ago
6

This company was incorporated as a new business on January 1, 2019. The company is authorized to issue 50,000 shares of $5 par c

ommon stock and 10,000 shares of 6%, $10 par, cumulative, participating preferred stock. On January 1, 2019, the company issued 8,000 shares of the common stock for $15 per share and 2,000 share of the preferred stock for $30 per share. Net income for the year ended December 31, 2019 was $375,000. Refer to Lanier Tech. What is the amount of the company's total capital stock at December 31, 2019?
Business
1 answer:
weqwewe [10]3 years ago
8 0

Answer:

Amount of the company's total capital stock at December 31, 2019:

Common stock = 8,000 x $15 =                 $120,000

Preferred stock = 2,000 x $30 =               <u>$60,000</u>

Total issued share capital                          $180,000

Add: Net income at 31 December, 2019    <u>$375,000</u>

Total capital stock                                        <u>$ 555,000</u>

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Explanation:

Total capital stock is the aggregate of par value of common stock, par value of preferred stock and net income.

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