If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, Oa. Cash will be debited for $66,000 Ob. Common Stock will be credited for $75,000 Oc. Paid-In Capital in Excess of Par will be credited for $66,000 Od. Paid-In Capital in Excess of Par will be credited for $9,000Stockholders' equity Oa. includes paid-in capital and liabilities Ob. includes retained earnings and paid-in capital Oc. is usually equal to cash on hand Od. is shown on the income statementAlma Corp. issues 2,400 shares of $8 par common stock at $17 per share. When the transaction is recorded, credit(s) are made to Oa. Common Stock $40,800. Ob. Common Stock $19,200 and Paid-in Capital in Excess of Par Value $21,600. Oc. Common Stock $19,200 and Paid-in Capital in Excess of Stated Value $21,600. Od. Common Stock $21,600 and Retained Earnings $19,200.The ability of a corporation to obtain capital is Oa. enhanced because of limited liability and ease of share transferability Ob. less than the ability of a partnership Oc. about the same as the ability of a partnership Od. restricted because of the limited life of the corporationWhich of the following is not a characteristic of a corporation? Oa. Corporations are required to file federal income tax returns. Ob. The financial loss that a stockholder may suffer from owning stock in a public company is limited. Oc. Cash dividends paid by a corporation are deductible as expenses by the corporation. Od. A corporation can own property in its name.When Wisconsin Corporation was formed on January 1, the corporate charter provided for 105,200 shares of $8 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 6,450 shares of stock at a price of $26 per share. The entry to record the above transaction would include a Oa. debit to Common Stock for $105,200 Ob. credit to Common Stock for $167,700 Oc. credit to Paid-in Capital in Excess of Par for $116,100 Od. debit to Cash for $51,600Which of the following statements concerning taxation is accurate? 0 a. Only the owners must pay taxes on corporate income. 0 b. Corporations pay income taxes but their owners do not. 0 c. Corporations pay fe deral income taxes but not state income taxes. 0 d. Corporations pay federaL and often state, income taxes. Which one of the following would not be considered an advantage of the corporate form of organization? Oa. continuous life Ob. separate legal existence Oc. government regulation Od. limited liability of stockholdersWhich of the following is not true of a corporation? Oa. It may sue and be sued. Ob. It may enter into binding legal contracts in its own name Oc. It may buy, own, and sell property. Od. The acts of its owners bind the corporation.Harding Company Accounts payable $40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 What is the amount of working capital? Oa. $128,000 Ob. $238,000 Oc. $168,000 Od. $203,000