The following selected information is from Princeton Company\'s comparative bala
ID: 2431363 • Letter: T
Question
The following selected information is from Princeton Company's comparative balance sheets At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings 2018 141,000 $138,000 605,000 361,000 351,500 325,500 2017 The company's net income for the year ended December 31, 2018, was $67,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2018 2. Complete the T-account to calculate the cash paid for dividends during 2018.Explanation / Answer
Common Stock, $ 10 par 138000 Beginning Balance 3000 Cash 141000 Ending balance Paid in capital, in excess of par 361000 Beginning Balance 244000 Cash 605000 Ending balance Cash received (3000+244000): 247000 Retained earnings 325500 Beginning Balance 67000 Net income Dividend 41000 351500 Ending balance