The entry to record selling 400 shares of $28 stated value common stock for $44 per share would include:
A) debiting Common Stock for $17,600.
B) crediting Cash for $17,600.
C) crediting Paid-in Capital in Excess of Stated Value for $6,400.
D) debiting Paid-in Capital in Excess of Stated Value for $6,400.
C) crediting Paid-in Capital in Excess of Stated Value for $6,400.
Explanation: number of shares × (issue price - stated value); ex: 400 ($44 - $28) = $6,400
You might also like to view...
When ConAgra learned that many mothers switched to time-saving meals and snacks when school started, it launched its "Seasons of Mom" campaign to help grocers adjust to seasonal shifts in household needs
Which of the eight possible actions to improve the quantity and quality of its marketing intelligence yielded this insight? A) Train and motivate the sales force to spot and report new developments. B) Motivate distributors, retailers, and other intermediaries to pass along important intelligence. C) Hire external experts to collect intelligence. D) Network internally and externally. E) Set up a customer advisory panel.
In whole life insurance contracts, the ________.
A. loan value developed by the contract enables the insurer to borrow money from the insured B. rate of the premiums to be paid decreases if the face value increases C. loan value decreases as the age of the policy increases D. insurer pays the face value of the policy on the death of the insured
Technology such as knowledge management systems, network monitoring systems, and diagnostic systems enables the service desk to absorb many activities performed by other support groups. These other groups may then focus on tasks such as projects, operations activities, and maintenance activities.
Answer the following statement true (T) or false (F)
The following information is for Barrel and its competitor Crate. ?BarrelCrate?Year 1Year 2Year 1Year 2Net sales $347,850$365,418$579,750$664,395Cost of sales 121,747146,167318,862312,265Required:1. Calculate the dollar amount of gross margin and the gross margin ratio to the nearest percent, for each company for both years.2. Which company had the more favorable ratio for each year?3. Which company had the more favorable change in the gross margin ratio over this 2-year period?
What will be an ideal response?