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Safari File Edit View History Bookmarks Window Help newconnect.mheducation.com ple Disney ESPN Yahoo! women's swi… shophearts icioud Job Description Bing Yahoo Google wikipedia Ortega Inc. has a defined benefit pension plan. On December 31 (t.. gold-soul.la Chapter 18 Quiz Yellow Enterprises reported the following (S in 000s) as of December 31 2018 Al accounts have normal balances Defieit (debit balance in retained earning) $1.200 Common stock Paid-in capital-treasury stock Treasury stock at cost Paid-in capital-excess of par 4,000 2,300 370 30.800 oe Soo During 2019(sooosa net income was Sio.500,25% of the treasury sic ex was resod for $620 cash dividends declared were S750 atende at pod What ($ in 000s) was shareholders' equity as of December 3t, 2019) Multiple Choice $45.630 $46,030 O $46.800 ?$45.900

Explanation / Answer

Calculation of account balances of shareholders equity as of December 31,2019 ($ in 000) Shareholders Equity as of December 31,2019 ($ in 000s) Retained Earnings Common stock $4,000.00 To balance b/d $1,200.00 By Net Income $10,500.00 Paid in Capital - in excess of par $30,800.00 To Dividend Payable $750.00 Paid in Capital - Treasury stock $2,827.50 Retained Earnings $8,550.00 To balance c/f $8,550.00 Total $46,177.50 Total $10,500.00 Total $10,500.00 Less : Treasury Stock at cost $277.50 Shareholders Equity as of December 31,2019 $45,900.00 Common stock By balance b/d $4,000.00 The answer is $45,900 To balance c/f $4,000.00 Total $4,000.00 Total $4,000.00 Paid in capital - Treasury stock By balance b/d $2,300.00 By Cash $527.50 To balance c/f $2,827.50 Total $2,827.50 Total $2,827.50 Treasury Stock at cost To balance b/d $370.00 By Cash $92.50 By balance c/f $277.50 Total $370.00 Total $370.00 Paid in capital - in excess of par By balance b/d $30,800.00 To balance c/f $30,800.00 Total $30,800.00 Total $30,800.00

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