Miller Corporation issued 7000 shares of its $5 par value common stock in payment for...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Miller Corporation issued 7000 shares of its $5 par value common stock in payment for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: Select one: A. Common Stock for $70,000 B. Paid-in Capital in Excess of Par-Common for $70,000. O C. Paid-in Capital in Excess of Par-Common for $35,000. D. Legal Expense for $70,000. A doctor performed surgery in March and did not receive cash from the patient until July. Under accrual accounting, the doctor recognizes revenue: Select one: O a. at a time that cannot be determined from the facts. O b. in July. O c. in either March or July O d. in March Bird's Nost had net credit sales for the current period of $550,000 and average net recelvables were $85,.000. What is the days' sales outst (Round any intermediary calculations to two decimal places and your final answer to the nearest day) Select one: O a. 26 days O b. 150.684932 days O c. 10 days d. 36 days
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
