Van Buren Corporation issued 5,000 shares of $6 par common stock for $24 per share. For this transaction, Common Stock should be credited (increased) for $120,000.
Answer the following statement true (T) or false (F)
False
The common stock account should only be credited for $30,000 (or 5,000 shares × Par value of $6 per share)
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Practically every company actively promotes its environmentally safe products
Indicate whether the statement is true or false
Which of the following is a disadvantage when a business accepts credit cards or debit cards from customers?
A) The business bears the responsibility of collecting cash from the customer. B) The business bears the risk of nonpayment by the customer. C) The business pays a processing fee. D) The business checks customers' credit ratings.
As units are completed, their costs are transferred from the Materials Inventory account to the Finished Goods Inventory account
Indicate whether the statement is true or false
The formula to compute cost of goods manufactured is
a. beginning Work in Process Inventory plus purchases of raw material minus ending Work in Process Inventory. b. beginning Work in Process Inventory plus direct labor plus direct material used plus overhead incurred minus ending Work in Process Inventory. c. direct material used plus direct labor plus overhead incurred. d. direct material used plus direct labor plus overhead incurred plus beginning Work in Process Inventory.