Reference no: EM132749497
Question: 1. ABC Corporation is authorized to issue 2,000,000 shares of $5 par value capital stock. The corporation issued half the stock for cash at $15 per share, earned $200,000 during the first three months of operation, and declared a cash dividend of $40,000. The total paid-in capital of ABC Corporation after three months of operation is?
2. ABC Company buys a $20,000, 7% bond at 102. A year and a half later they sell the bond for face value. how much money did they gain/loss from this bond?
3. ABC Company had shareholders equity of $68,723 in 2019 and in 2018 the shareholders equity was $64,859. ABC's Return on Equity Ratio for 2019 was 16.62%. What would the profit for 2019 be?
4. In 2019, ABC Company had $700,000 of revenue and $320,000 of operating expense. The company has a 20% Income tax rate. What is the company's profit for the year?
5. On January 1, Mourinho Corp issues $400,000 of 5-year, 4% bonds at 101. The entry to record the issue of the bonds is?
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