1. XYZ Company issues 3000 shares of stock for $40/share. The journal entry to record this issuance would include: Group of answer choices a credit to Common Stock of $120,000 a debit to Common Stock of $120,000. a credit to Retained Earnings of $120,000 a credit to Common Stock of 40 2. XYZ Company issues 3000 shares of stock for $40/share. The stock has a par value of $2/share. The journal entry to record this issuance would include: Group of answer choices a credit to Common Stock of $6,000 a credit to Common Stock of $3,000 a credit to Common Stock of $120,000 a credit to Common Stock of $114,000 3. Par value is: Group of answer choices the legal capital of a corporation the market value of the stock designed to protect the stockholders what the stock was worth when it was issued
1. XYZ Company issues 3000 shares of stock for $40/share. The journal entry to record this issuance would include: Group of answer choices a credit to Common Stock of $120,000 a debit to Common Stock of $120,000. a credit to Retained Earnings of $120,000 a credit to Common Stock of 40 2. XYZ Company issues 3000 shares of stock for $40/share. The stock has a par value of $2/share. The journal entry to record this issuance would include: Group of answer choices a credit to Common Stock of $6,000 a credit to Common Stock of $3,000 a credit to Common Stock of $120,000 a credit to Common Stock of $114,000 3. Par value is: Group of answer choices the legal capital of a corporation the market value of the stock designed to protect the stockholders what the stock was worth when it was issued
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. XYZ Company issues 3000 shares of stock for $40/share. The journal entry to record this issuance would include:
Group of answer choices
a credit to Common Stock of $120,000
a debit to Common Stock of $120,000.
a credit to Retained Earnings of $120,000
a credit to Common Stock of 40
2. XYZ Company issues 3000 shares of stock for $40/share. The stock has a par value of $2/share. The journal entry to record this issuance would include:
Group of answer choices
a credit to Common Stock of $6,000
a credit to Common Stock of $3,000
a credit to Common Stock of $120,000
a credit to Common Stock of $114,000
3. Par value is:
Group of answer choices
the legal capital of a corporation
the market value of the stock
designed to protect the stockholders
what the stock was worth when it was issued
4. XYZ Company has 40,000,000 shares of stock authorized, 10,000,000 shares issued and 800,000 shares outstanding. How many shares are held by organizations or people other than XYZ?
Group of answer choices
800,000
40,000,000
10,000,000
200,000
5. XYZ Company has 4,000,000 shares of stock authorized, 1,000,000 shares issued and 800,000 shares outstanding. How many shares are held by XYZ?
Group of answer choices
4,000,000
1,000,000
200,000
800,000
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