Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. karson corp. received a charter authorizing 120,00

Karson Corp. received a charter authorizing 120,000 Ordinary Shares at $15 par value per share....

90.2K

Verified Solution

Question

Accounting

Karson Corp. received a charter authorizing 120,000 Ordinary Shares at $15 par value per share. During the first year of operations, 40,000 shares were sold at $28 per share. 600 shares were issued in payment of a current operating debt of $18,600. In the first year, the net income was $142,000. During the year, dividends of $36,000 were paid to stockholders. At the end of the year, total liabilities were $82,000.

1. Compute the Share Premium.

2. Compute the Retained Earnings at the end of the calendar period.

3. Compute the outstanding shares.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

Discuss the different burdens of proof for both criminal inquiries and civil proceedings.

General Management
1.2K views

How does competitive product advertising differ from competitive institutional advertising?

Physics
1.2K views

n rows each containing m cells in series are joined in parallel Maximum current is...

Physics
1.2K views

A conductor is made of an isotropic material resistivity p has rectangular cross section Horizontal...

Physics
1.2K views

The displacement of a particle in SHM varies according to the relation x 4 cos...

Geometry
1.2K views

15 18 The world s largest circular pizza had a circumference of 383 3 ft...

Calculus
1.2K views

Find the slope of the curve y x at x 5 The slope of the...

Algebra
1.2K views

Write a polynomial f a of degree 3 with zeros O f x r 3x...

Accounting
1.2K views

We know that bankruptcy leads to high legal fees. However, what are the direct and...

Accounting
1.2K views

What is LITO when Taxable Income equals $44357 for tax year ending 30th June 2018

Accounting
1.2K views

The Production Department of Hruska Corporation has submitted the following forecast of units to be...

Accounting
1.2K views

Several top executives at Lordstown Motors Corp. RIDE -9.57% sold off chunks of stock in...