August, Inc. had the following transactions in 2018, its first year of operations: Issued shares of common stock. The stock has par value of per share and was issued at per share. Issued shares of par value preferred stock at par. Earned net income of . Paid no dividends. At the end of 2018, what is total stockholders' equity

A. $601,000

Explanation:

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August, Inc. had the following transactions in 2018, its first year of operations: Issued 21,000 shares of common stock. The stock has par value of $3.00 per share and was issued at $18.00 per share. Issued 1,100 shares of $170.00 par value preferred stock at par. Earned net income of $36,000. Paid no dividends. At the end of 2018, what is total stockholders' equity? A. $601,000 B. $250,000 C. $315,000 D. $565,000

Dr Cash 378,000

    Cr Common stock 63,000

    Cr Additional paid in capital 315,000

Dr Cash 187,000

    Cr Preferred stocks 187,000

Dr Income summary 36,000

    Cr retained earnings 36,000

Total stockholders' equity = $63,000 + $315,000 + $187,000 + $36,000 = $601,000

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