Birch issued 200 shares of $12 par common stock, Accounting Basics

Assignment Help:

Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry for tis transaction?
A.Debiting Equipment for $3,000
B.Crediting Common Stock for $3,000
C.Crediting Common Stock for $2,400
D.Crediting Paid in Capital in Excess of Par_common for $600
My answer B

Isaiah Corporation's Accounts Receivable increased by $35,00 and its Accounts Payable Decreased by $18,000.What is the net effect on cash from operations under the indirect method?
A.-$53,000
B.+$35,000
C.+$17,000
D.-$18,000
My answer is c

Case company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold 2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital--Treasury Stock is
A.$26,000
B.$34,000
C.$8,000
D.$30,000


Related Discussions:- Birch issued 200 shares of $12 par common stock

What is sales allowance, Q. What is sales allowance? A sales allowance ...

Q. What is sales allowance? A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any

Advantages and disadvantages inventory procedure, Q. Advantages and disadva...

Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of

What is asset cost and estimated residual value, Q. What is Asset cost and ...

Q. What is Asset cost and Estimated residual value? Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset. Estimated residual value:

Recording, does immaterial items have to be recorded

does immaterial items have to be recorded

Owner got personal loan from his bank and sign note, owner got personal loa...

owner got personal loan from his bank and sign note payable.what is the journal entries?

Adjusting entries, Hugo Company has a five-day workweek and pays salaries o...

Hugo Company has a five-day workweek and pays salaries of $35,000 each Friday. 1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday. 2. Prep

If on the opening day of business, If on the opening day of business, you p...

If on the opening day of business, you put in supplies worth $250 and $3000 cash, would that be considered a transaction OR would it be considered your beginning balances because

statistical test , A high school counselor needs to show whether the teena...

A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random

A program to collect school fees, i need a program that can be used to coll...

i need a program that can be used to collect school fees

Retiring partner, what all things do we have to treat in revaluation accoun...

what all things do we have to treat in revaluation account

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd