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Please use the following information for the Five (5) questions for this chapter: (Financial...

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Accounting

Please use the following information for the Five (5) questions for this chapter:

(Financial Accounting)

ABC has a corporate charter that authorizes it to issue up to 100,000 shares of $1 par value common stock. The following events occur in 2022:

On January 1, ABC issues 10,000 shares of common stock for $20 per share.

On April 1, ABC declares a dividend of $2 per share.

On May 1, the dividend is paid.

On September 1, ABC repurchases 1,000 shares of its common stock for $15 per share.

On October 1, ABC declares another $2 per share dividend.

On November 1, the dividend is paid. ABC had $50,000 in net income for the year.

Question 1

As of December 31, 2022, what are the total number of shares issued by ABC?

Question 2

As of December 31, 2022, what are the total number of shares outstanding for ABC?

Question 3

What is the balance of Dividends Payable as of December 31, 2022?

Question 4

As of December 31, 2022, what is the balance of Retained Earnings?

Question 5

What is the total balance in Equity as of December 31, 2022?

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