Superior has provided the following information for its recent year of operation:
The common stock account balance at the beginning of the year was $18,000 and the year-end balance was $19,000.
The additional paid-in capital account balance increased $4,300 during the year.
The retained earnings balance at the beginning of the year was $100,000 and the year-end balance was $97,000.
Net income was $44,000.
How much did Superior sell its common stock for during the year?
2342
To determine how much Superior sold its common stock for during the year, we need to calculate the change in the common stock account balance.
The change in the common stock account balance is equal to the year-end balance minus the beginning balance:
Change in Common Stock = Year-End Balance - Beginning Balance
With the provided information, the year-end balance of the common stock is $19,000 and the beginning balance is $18,000:
Change in Common Stock = $19,000 - $18,000
Change in Common Stock = $1,000
Therefore, Superior sold its common stock for $1,000 during the year.