Anole Company was incorporated as a new business on January 1, 2016 . The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative, participating preferred stock. On January 1, 2016, the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share. Net income for the year
ended December 31, 2016, was $375,000. Refer to the information about Anole Company. Anole's total stockholders' equity reported on the balance sheet at December 31, 2016, is
a. $60,000.
b. $120,000.
c. $180,000.
d. $555,000.
d
You might also like to view...
In general, revenue is recognized when:
A. it is received in cash. B. goods are shipped. C. it is recorded in the sales journal. D. an entity satisfies a performance obligation.
Only software programs developed for the research industry should be used to enter data, not programs such as Microsoft EXCEL
Indicate whether the statement is true or false
Inventory is classified as a long-term asset
Indicate whether the statement is true or false
What are the three critical errors discussed in Chapter 2, and what questions should a communicator ask in order to avoid making them?
What will be an ideal response?