Grace Corporation issued 60,000 shares of $5 par value common stock for $600,000. The journal entry to record the transaction is:
A) Cash 600,000 Common Stock 600,000
B) Cash 300,000 Common Stock 300,000
C) Cash 600,000 Common Stock 300,000Additional Paid-In Capital 300,000
D) Cash 300,000 Additional Paid-In Capital 300,000
C
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The term, obsolescence, as it relates to the useful life of an asset, refers to:
A. The inability of a company's plant assets to function as designed. B. An asset's salvage value becoming less than its replacement cost. C. A plant asset that is becoming outdated and no longer used. D. The halfway point of an asset's useful life. E. Intangible assets that have been fully amortized.
Many U.S. companies first discovered marketing during the ________ era.
A. retailing-oriented B. market-oriented C. value-based marketing D. production-oriented E. sales-oriented
Chapter 7 bankruptcy petitions may only be filed voluntarily
a. True b. False Indicate whether the statement is true or false
Yolanda has a $1,727.20 checkbook balance. Her bank statement shows a $1,537.45 balance. Her outstanding checks total $630.25. There are $850 in outstanding deposits. Yolanda should correct her checkbook by increasing the balance by $20
Indicate whether the statement is true or false