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1.  The following information will be used for all 5 of the following computational questions.
Barker Corp. received a charter authorizing 120,000 shares of common stock 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 $46,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first year:

Total liabilities and stockholders’ equity equals: (Points : 3)
$1,316,600
$ 2,000,000
$ 142,000
$ 1,800,000

2. The following information will be used for all 5 of the following computational questions.

Barker Corp. received a charter authorizing 120,000 shares of common stock 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 $46,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first year:

Stockholders’ equity equals: (Points : 3)
$1,316,600
$ 2,000,000
$ 142,000
$ 1,234,600

3. The following information will be used for all 5 of the following computational questions.

Barker Corp. received a charter authorizing 120,000 shares of common stock 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 $46,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first year:

Contributed capital equals: (Points : 3)
$1,316,600
$ 1,138,600
$ 142,000
$ 1,234,600

4. The following information will be used for all 5 of the following computational questions.

Barker Corp. received a charter authorizing 120,000 shares of common stock 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 $46,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first year:

Issued capital stock (par) (Points : 3)
$1,316,600
$ 1,138,600
$ 609,000
$ 1,234,600

5. The following information will be used for all 5 of the following computational questions.

Barker Corp. received a charter authorizing 120,000 shares of common stock 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 $46,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first year:

Outstanding capital stock (par) (Points : 3)
$1,316,600
$ 609,000
$ 142,000
$ 1,234,600