The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to:
A) Preferred Stock for $700,000.
B) Preferred Stock for $500,000 and Additional Paid-in Capital for $200,000.
C) Preferred Stock for $500,000 and Retained Earnings for $200,000.
D) Paid-in Capital from Preferred Stock for $700,000.
B
You might also like to view...
What is the process of analyzing recorded calls to gather information that-brings structure to customer interactions and exposes information buried in customer contact center interactions with an enterprise?
A. Web analytics B. Text analytics C. Social media analytics D. Speech analytics
Within the structure of the World Trade Organization, the three important groups under the Ministerial Conference are:
A) the General Council, the Secretariat, and the Trade Policy Review Body B) the Committee on Budget, the General Council, and Trade Policy Review Body. C) the Dispute Settlement Body, the General Council, and the International Court of Justice. D) the Dispute Settlement Body, the General Council, and the Trade Policy Review Body.
Theresa invested $5,000 in an account she expects will earn 7% annually. Approximately how many years will it take for the account to double in value? (Round the number of years to the nearest whole number.)
A. 8 B. 9 C. 10 D. 11 E. 12
Resources a company owns or controls that are expected to yield future benefits are:
A. Expenses. B. Revenues. C. Liabilities. D. Assets. E. Owner's Equity.