Question Details

The trial balance of Hackman Inc. includes 




1. Burgess Corporation began business by issuing 100,000 shares of $5 par value common
stock for $24 per share. During its first year, the corporation sustained a net loss of
$20,000. The year-end balance sheet would show
a. Common stock of $500,000.
b. Common stock of $2,400,000.
c. Total paid-in capital of $2,380,000.
d. Total paid-in capital of $1,900,000.
Use the following information for questions 2-3.
Starr Corporation- December 31, 2008 Balance Sheet showed the following:
8% preferred stock, $20 par value, cumulative, 20,000 shares
authorized; 10,000 shares issued $ 200,000
Common stock, $10 par value, 2,000,000 shares authorized;
1,300,000 shares issued, 1,280,000 shares outstanding 13,000,000
Paid-in capital in excess of par value - preferred stock 40,000
Paid-in capital in excess of par value - common stock 18,000,000
Retained earnings 5,100,000
Treasury stock (10,000 shares) 420,000
2. Starr- total paid-in capital was
a. $31,240,000.
b. $31,660,000.
c. $30,820,000.
d. $18,040,000.
3. Starr- total stockholders’ equity was
a. $36,760,000.
b. $31,240,000.
c. $36,340,000.
d. $35,920,000.
4. Adcock Corporation began business by issuing 150,000 shares of $5 par value common
stock for $24 per share. During its first year, the corporation sustained a net loss of
$30,000. The year-end balance sheet would show
a. Common stock of $750,000.
b. Common stock of $3,600,000.
c. Total paid-in capital of $3,570,000.
d. Total paid-in capital of $2,850,000.
5. The trial balance of Hackman Inc. includes the following balances: Common Stock,
$39,000; Paid-in Capital in Excess of Par, $96,000; Treasury Stock, $9,000; Preferred
Stock, $30,000. Capital stock totals
a. $69,000.
b. $126,000.
c. $165,000.
d. $174,000.




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