8 of 10 (6 complete) These account balances at December 31 relate to Sportstuff,

Question

8 of 10 (6 complete) These account balances at December 31 relate to Sportstuff, Inc. Accounts Payable $ 51,600 Paid-in Capital in Excess 270,000 89,000 71,200 12,600 318,000 Preferred Stock, 10%, $100 Par . . . Treasury Stock.. Bonds Payable 5,900 Retained Earnings 3,800 Notes Receivable What is total paid-in capital for Sportstuff,Inc.? (Assume that treasury stock does not reduce total paid-in capital, O A $682,900 O B. $671,100 O C. $748,200 O D. $677,000 O E None of the above Click to select your answer MacBook Air 80 F2 F4 F5 F6 FT F8 3

Explanation / Answer

Total paid-in capital = Common stock + Paid-in capital in excess of par-common + Preferred stock 10%, $100 par

= 318,000 + 270,000 + 89,000

= $677,000

Hence, correct option is (D)

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