On January 12, Year 1, Gilliam Corporation issued 550 shares of $12 par-value common stock for $15 per share. The number of shares authorized is 5,000, and the number of shares outstanding prior to this transaction was 1,200. Which of the following describes the effect of the January 12 transaction on the elements of the financial statements? Assets=Liab.+Com. Stk.+Pd-in ExcessRev.?Exp.=Net Inc.Stmt. ofCash FlowsA.6,600=NA+6,600+NANA?NA=NA6,600 FAB.8,250=NA+8,250+NANA?NA=NA8,250 FAC.8,250=NA+6,600+1,650NA?NA=NA8,250 FAD.8,250=NA+6,600+1,650NA?NA=NA8,250 IA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
You might also like to view...
Which of the following statements is true of postpurchase behavior?
Internal forces such as ________ affect consumer choices.
A. age and attitude B. culture and education C. income and culture D. learning and culture E. personality and society
Alexander requires all applicants for jobs on the loading dock demonstrate their proficiency in using tools such as the forklift. Alexander is giving his applicants a(n) ________ test.
A. cognitive ability B. physical skills C. personality and interest D. drug E. social
A work-life program is any employer-sponsored benefit or working condition that helps an employee manage work and nonwork demands.
Answer the following statement true (T) or false (F)