When treasury stock is resold at a price above cost: Additional Paid-in Capital is...
50.1K
Verified Solution
Link Copied!
Question
Accounting
When treasury stock is resold at a price above cost:
Additional Paid-in Capital is increased. B) A loss is reported.
C) A revenue account is credited. D) A gain account is credited.
ABC has beginning inventory for the year of $12,000. During the year, ABC purchases inventory for $150,000 and ends the year with $20,000 of inventory. ABC will report cost of goods sold equal to:
A) $150,000. B) $142,000. C) $170,000. D) $158,000.
When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
A credit to Common Stock for $250,000.
A debit to Cash for $25,000.
A debit to Additional Paid-in Capital for $25,000.
A credit to Additional Paid-in Capital for $225,000.
Depletion is the expense
when using up an intangible asset B) when using up a natural resource
C) when using up a building D) when goodwill dies
Which of the following is a sign that a company cannot quickly turn its receivables into cash?
A low receivables turnover ratio.
A low average collection period.
Both a high receivables turnover ratio and a low average collection period.
A high receivables turnover ratio.
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: Flex AI - Your personal assistant for all your inquiries!
