The ____________________ is the U.S. federal government agency with the ultimate authority to determine the accounting rules for companies whose stock is sold to the public
Fill in the blank(s) with correct word
Securities and Exchange Commission
SEC
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Valor Company issued 5,000 shares of $1 par common stock for $30 per share, providing the company with $150,000 in cash. What effect, in addition to the increase in cash, does this transaction have on the accounting equation for Valor?
a. Common Stock increases $150,000. b. Common Stock increases $5,000; Additional Paid-in Capital—Common increases $145,000. c. Common Stock increases $5,000; Retained Earnings increases $145,000. d. Common Stock increases $5,000; Gain on Sale of Common Stock increases $145,000.
Shareholders of Augusta Corporation have received $35,000 in dividends in the current year. At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000 . If retained earnings at the beginning of the year was $80,000, what was Augusta's net income for the current year?
a. $80,000 b. $215,000 c. $55,000 d. $10,000 e. $45,000
Harry finds an old stereo in his attic. He sells the stereo to Jake for $50 telling him that it is fully functional, which Jake thinks is true. However, it turns out to be broken. Which of the following statements is true in this context?
A) Jake can sue Harry for fraud in the inducement. B) Jake cannot rescind the deal but can sue Harry for fraud by concealment. C) Jake can sue Harry for innocent misrepresentation. D) Jake can rescind the deal but cannot sue Harry for innocent misrepresentation.
Manufacturing is important to the economy because:
A) it supports service industries. B) it generates wealth. C) it adds value to products. D) all of the above