ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, increases are recorded to A : Common Stock $10,000 and Preferred Stock $2,000. B : Common Stock $10,000 and Retained Earnings $2,000.
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On January 8, Lowrence Co. issued a $60,000, 120-day discounted note to Raines Bank. The discount rate is 8%. Assuming a 360-day year, what is the amount of proceeds received? a. $58,400 b. $55,200 c. $60,000 d. $61,600
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Flingers Inc. reveals the following information in their annual report for FY 2017. Earnings and Expenses Sales $10,000,000 Cost of goods sold $5,000,000 Pretax earnings $500,000 Selected Balance Sheet Items Merchandise inventory $80,000 Total
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