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gogolik [260]
4 years ago
6

Knorr issues 1,000 shares of $2 par value common stock for $10 per share. The journal entry to record this transaction will incl

ude which of the following?
A) Credit to Common stock $2,000
B) Credit to Common stock $10,000
C) Credit to Additional paid-in capital $8,000
D) Credit to Retained earnings $8,000
Business
1 answer:
Hunter-Best [27]4 years ago
5 0

Answer:

A) Credit to Common stock $2,000

C) Credit to Additional paid-in capital $8,000

Explanation:

The journal entry to record the issuance of stocks should be:

Dr Cash 10,000

    Cr Common stock 2,000

    Cr Additional paid in capital 8,000

Whenever a corporation issues new stocks, it must increase common stock account using the stocks' par value. Any additional amount must be recorded under the additional paid in capital account. Both accounts are part of the stockholders' equity and have credit balances.

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Zeke's Zipline Adventures sold 6 acres of land used in the business. The sales price was $12,000 and the adjusted basis of the l
bazaltina [42]

Answer:

$1,000

Explanation:

Zeke's zipline sold 6 acres of land

The sales price of the land was $12,000

The adjusted basis of the land was $9,000

Zeke received an amount of $4,000 at the time of sale

The remaining $8,000 will be received next year

Therefore, the amount of gain that will be recognised by Zeke in the Current year can be calculated as follows

Sales price-adjusted basis/sales price

$12,000-$9,000/$12,000

= $3,000/$12,000

= 0.25

Amount received at the time of sale × 0.25

= $4,000×0.25

= $1,000

Hence Zeke will recognise a gain of $1,000 in the Current year.

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3 years ago
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Answer:

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5 0
3 years ago
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todd, a sales representative, is facing the challenge stressor of trying to close a sale on a major account. during the meeting
lys-0071 [83]

Options :

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B) be poorly motivated out of fear, and perform poorly

C) develop severe emotional symptoms of stress

D) develop severe physical symptoms of stress

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4 years ago
he following items appeared on the Year 6 year-end trial balance for the Brown Coffee Company:DebitsCreditsRevenues$600,000Opera
Svetllana [295]

Answer:

net income $72,000

Explanation:

The computation of the amount that should be reported is shown below:

Revenue $600,000  

less:      

operating expense -$420,000  

restructing costs -$100,000  

interest expense -$20,000  

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EBIT $90,000  

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7 0
3 years ago
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Zarrin [17]

Answer:

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