The following information is from Princeton Company’s comparative balance sheets. At December 31 Current Year Prior Year Common stock, $10 par value $ 115,000 $ 112,000 Paid-in capital in excess of par 579,000 348,000 Retained earnings 325,500 299,500 The company’s net income for the current year ended December 31 was $54,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year.

Explanation:

Common Stock

                            Debit                           Credit

To ending balance$115,000.00By Beginning balance$112,000.00

                                                               By Cash Received         $3,000.00

Total$115,000.00                         Total                         $115,000.00

Paid-in capital in excess of par

                        Debit                                        Credit

To ending balance$579,000.00By Beginning balance$348,000.00

                                                               By Cash Received         $231,000.00

Total$579,000.00                         Total                         $579,000.00

Therefore, Cash received from issue of common stock = $3,000 + $231,000 = $234,000

hi noah!

the first time you break a rule, you get a warning.

if you continue to break rules you get kicked out for a certain amount of time.

so, to answer your question 1.

hope this buddy!

- courtney

answer: b. false

the staff is a set of five horizontal lines and four spaces which represent a different musical pitch. the lines and the spaces are numbered from bottom to top, the bottom line is the first line and the fifth line is the line on the top. the notes on the top of the staff (fifth line) have a higher pitch than a note at the bottom of the staff.