A corporation issues 2,800 shares of common stock for $89,600. The stock has a stated value of $13 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include?

Select the correct answer.

$89,600

$36,400

$53,200

$2,800

Alliance Corp. issues 2,430 shares of $11 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?

Select the correct answer.

Common Stock $14,580 and Retained Earnings $26,730.

Common Stock $26,730 and Paid-in Capital in Excess of Stated Value $14,580.

Common Stock $41,310.

Common Stock $26,730 and Paid-in Capital in Excess of Par Value $14,580.

The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets
Cash and short-term investments	$42,067
Accounts receivable (net)	29,437
Inventory	29,297
Property, plant and equipment	208,770
Total Assets	$309,571
Liabilities and Stockholders' Equity
Current liabilities	$69,705
Long-term liabilities	90,218
Stockholders' equity-common	149,648
Total liabilities and stockholders' equity	$309,571
Income Statement
Net Sales	$81,173
Cost of goods sold	32,469
Gross margin	48,704
Operating expenses	22,679
Net income from operations	$26,025
Interest expense	4,059
Net income	$21,966
Number of shares of common stock	6,123
Market price of common stock	$28

What is the rate earned on total assets for this company?

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7.8%

8.4%

2.8%

1.1%

Sales for the year were $586,464. Accounts receivable were $96,522 and $86,545 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method.

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$586,464

$682,986

$596,441

$606,418

Hurd Company acquired a building valued at $177,000 for property tax purposes in exchange for 10,000 shares of its $7 par common stock. The stock is widely traded and selling for $20 per share. At what amount should the building be recorded by Hurd Company?

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$177,000

$130,000

$200,000

$70,000

Equipment with an original cost of $64,640 and accumulated depreciation of $25,484 was sold at a loss of $6,315. Find the change in cash as a result of this transaction.

Select the correct answer.

increase by $32,841

decrease by $25,484

increase by $64,640

decrease by $6,315

Assume the following sales data for a company:

	2015	$754,818
	2014	$526,718

What is the percentage increase in sales from 2014 to 2015?

Select the correct answer.

43.31%

69.78%

30.22%

143.31%

Zach Company owns 40% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Corporation reported a $8,389 net loss. Which of the following would be included in Zach Corporation's journal entry?

Select the correct answer.

Debit to the investment account for $3,355.60

Credit to the investment account for $3,355.60

Debit to the investment account for $8,389.00

Credit to a loss account for $3,355.60