When a corporation issues no par value stock, the entire consideration received constitutes stated capital except that amount allocated in a manner permitted by law to capital surplus or paid-in surplus
a. True
b. False
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True
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Sally's Salon began operations on January 1 of the current year with an investment by Sally of $21,155 in exchange for common stock. Based on the following trial balance prepare an income statement, statement of retained earnings, and a balance sheet. There were no additional common stock issuances during the year. Sally's SalonTrial BalanceDecember 31Cash$ 6,500?Accounts receivable475?Beauty supplies2,500?Beauty shop equipment17,000?Accounts payable?$ 745Common Stock?21,155Dividends36,000?Revenue earned?72,000Beauty supplies expense3,425?Rent expense6,000?Wages expense22,000?Totals$93,900$93,900
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The Generally Accepted Auditing Standards (GAASs) are established by the American Institute of Certified Public Accountants
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Congress enacts the Ad Restriction Act (ARA) to limit advertising in certain circumstances. The ARA will be considered valid if it directly advances a substantial government interest
a. and goes no further than necessary to achieve its purpose. b. without regard to how "far" it goes. c. and the parties affected by it can elect how "far" to go in applying it. d. and goes further than necessary to ensure full coverage.
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