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Meower Corp

Question 2

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Meower 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 (show all computations):
Meower 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 (show all computations):

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