50.1K

Verified Solution

Link Copied!

can I get help with this question please

Company issued 4,000 shares of preferred stock for $240,000. The stock has a par value of B) debit Cash $240,000, credit Preferred Stock-$60 Par Value $4,000, and credit Paid-In Capital C) credit Cash $240,000, debit Preferred Stock-$60 Par Value $4,000, and debit Paid-In Capital 20) Peterson $60 per share. The journal entry to record this transaction would: A) credit Cash $240,000 and debit Preferred Stock-$60 Par Value $240,000 in Excess of Par-Preferred $236,000. in Excess of Par-Preferred $236,000. D) debit Cash $240,000 and credit Preferred Stock-$60 Par Value $240,000 21) Which of the following concepts represents time value of money? A) the concept that money earns income over time B) the concept that money loses its purchasing power over time C) the concept that money becomes obsolete over time D) the concept that money can be converted into other currencies over time 22) On November 1, 2014, Archangel Services issued $300,000 of 8-year bonds with a stated rate of 9% at par. The bonds make semiannual payments on April 30 and October 31. At December 31, 2014, Archangel made an adjusting entry to accrue interest at year-end. How much Interest Expense will be recorded at December 31, 2014 A) $14,200 B) $27,000 C) $13,500 D) $4,500 23) Which of the following occurs when the board of directors declares a 3-for-1 stock split on 10,000 outstanding shares of $15 par common stock? A) The par value of the stock increases to $30 per share B) The par value of the stock remains the same. C) The number of outstanding shares remains at 10,000. D) The number of outstanding shares increases to 30,000. 24) Which of the following is true of dividends? A) Dividend payments decrease paid-in capital. B) Dividends are a distribution of cash, stock, or other assets to the stockholders. C) Dividends increase assets and decrease total stockholders' equity of a corporation. D) Dividend payments increase stockholders' equity 25) On January 1, 2015, Carter Sales issued $15,000 in bonds for $15,800. They were 8-year the bond premium. On June 30, 2015, when Carter makes the first payment to D) $280 y semiannual interest. Carter Sales uses the straight-line method to a stated rate of 9%, and pa amortize bondholders, how much will they report as Interest Expense? A) 5625 B) $275 C) $675 rate that determines the amount of cash interest the borrower pays and the investor receives each year is called: A) discounting rate. C) market interest rate. B) stated interest rate. D) amortization rate. 27) If a bond' s stated interest rate is the same as the market rate, which of the following is true? A) The bond will be issued for an amount lower than the maturity value. B) The bond will be issued at a discount. C) The bond will be issued at par. D) The bond will be issued at a premium

Answer & Explanation Solved by verified expert

See Answer