Please help, I'm stuck on these
Q.Alliance Corp. issues 3,160 shares of $10 par value commonstock at $15 per share. When the transaction is recorded, whatcredit entry or entries are made?
Select the correct answer.
a.Common Stock $31,600 and Paid-in Capital in Excess of StatedValue $15,800.
b.Common Stock $31,600 and Paid-in Capital in Excess of ParValue $15,800.
c.Common Stock $47,400.
d.Common Stock $15,800 and Retained Earnings $31,600.
Q.Treasury stock shares are
a.unissued shares that are held by the treasurer of thecorporation.
b.shares held by the U.S. Treasury Department.
c.part of the total outstanding shares but not part of the totalissued shares of a corporation.
d.issued shares that have been reacquired by a corporation.
Q.Treasury stock which was purchased for $2,843 is sold for$3,930. Determine the result of these two transactions.
Select the correct answer.
a.stockholders' equity will not change
b.stockholders' equity will be increased by $3,930
c.income will be increased by $1,087
d.stockholders' equity will be increased by $1,087
Please help, I'm stuck on these
Q.Alliance Corp. issues 3,160 shares of $10 par value commonstock at $15 per share. When the transaction is recorded, whatcredit entry or entries are made?
Select the correct answer.
a.Common Stock $31,600 and Paid-in Capital in Excess of StatedValue $15,800.
b.Common Stock $31,600 and Paid-in Capital in Excess of ParValue $15,800.
c.Common Stock $47,400.
d.Common Stock $15,800 and Retained Earnings $31,600.
Q.Treasury stock shares are
a.unissued shares that are held by the treasurer of thecorporation.
b.shares held by the U.S. Treasury Department.
c.part of the total outstanding shares but not part of the totalissued shares of a corporation.
d.issued shares that have been reacquired by a corporation.
Q.Treasury stock which was purchased for $2,843 is sold for$3,930. Determine the result of these two transactions.
Select the correct answer.
a.stockholders' equity will not change
b.stockholders' equity will be increased by $3,930
c.income will be increased by $1,087
d.stockholders' equity will be increased by $1,087
