Exhibit 15-2 Lawrence, Inc, entered into a subscription contract with several subscribers that calls for the purchase of 2,000 shares of $5 par common stock for $15 a share. The contract calls for a 20% down payment and specifies that any amounts not paid within the contract period will be forfeited in full. ? Refer to Exhibit 15-2. Lawrence received final payment (80%) on 1,800 shares and
issued those shares. Subscribers defaulted on 200 shares. The entry to record the default on 200 shares would include a
A) debit to Common Stock Subscribed for $3,000.
B) credit to Subscriptions Receivable: Common Stock for $3,000.
C) debit to Additional Paid-in Capital on Common Stock for $2,000.
D) credit to Additional Paid-in Capital from Subscribed Stock for $600.
C
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A. liquidation of assets. B. transfer of money between banks. C. sale of securities. D. sale of goods.
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A. Financing activity. B. Investing activity. C. Operating activity. D. Revenue activity. E. Expense activity.
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A) Cognitive B) Affective C) Short term D) Relational E) Cultural
Traditionally, multinational corporations (MNCs) relied on only one important selection criterion for overseas assignments:
A. technical competence. B. previous experience. C. training. D. education.