Reference no: EM132490631

Madison Company had sales of $150,500. Additional information from the balance sheet is below:

                                  Beginning Balance                          Ending Balance

Accounts Receivable          $23,700                                $31,400

Accounts Payable                22,700                               28,400

Question 1: How much cash was collected from customers?

Multiple Choice

$142,800.
$144,800.
$158,200.
$150,500.

Question 2: United Resources Company obtained a charter from the state in January of this year. The charter authorized 209,000 shares of common stock with a par value of $1. During the year, the company earned $475,000 Also during the year, the following selected transactions occurred in the order given:

1. Sold 98,000 shares of the common stock in an initial public offering for $17 per share.
2. Repurchased 23,000 shares of the previously issued shares for $20 per share.
3. Resold 7,000 shares of treasury stock for $23 per share.

Required:

Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)