Question
1. Bill has incorporated his food service business and sold stock to raise funds in the first year of operations as follows: 10,000 shares of
1. Bill has incorporated his food service business and sold stock to raise funds in the first year of operations as follows:
- 10,000 shares of common stock with a par value of $1 were sold for $5 per share.
- Operations for the first year results in net income of $100,000
What is the amount of common stock account in the firms balance sheet?
2. Bill has incorporated his food service business and sold stock to raise funds in the first year of operations as follows:
- 10,000 shares of common stock with a par value of $1 were sold for $5 per share.
- Operations for the first year results in net income of $100,000
What is the amount of additional paid-in capital account in the firms balance sheet?
3. Bill has incorporated his food service business and sold stock to raise funds in the first year of operations as follows:
- 10,000 shares of common stock with a par value of $1 were sold for $5 per share.
- Operations for the first year results in net income of $100,000
What is the amount of retained earnings account in the firms balance sheet?
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Information Technology Auditing
Authors: James A. Hall
4th edition
1133949886, 978-1305445154, 1305445155, 978-1133949886
