Question

Lionworks, Inc. issues ,500 shares of$42 par common stock for $47 per share. The amount credited to paid?in capital in excess of par? is:

A.

$164,500.

B.

?$0.

C.

$147,000.

D.

$17,500.

Kramer and Associates has the following account balances listed in alphabetical? order: Accumulated? Depreciation, $23,000?; Accounts? Payable, $10,500?, Accounts? Receivable, $9,000?; Cash, $2,000?; Equipment, $44,000?, Land, $21,000?, Mortgage? Payable, $50,000?; Prepaid? Insurance, $9,500?; Supplies, $1,000?; Unearned? Revenue, $6,000?; Wages? payable, $2,000. Kramer and? Associates'

long?term assets? are:

A.

$42,000.

B.

$21,500.

C.

$11,000.

D.

$64,500.

The entry to record? TLR, Inc. selling 900 shares of $4 par common stock at $8 per share would be? to:

A.

Debit Cash

$3,600?;

Credit Common Stock

$3,600.

B.

Debit Cash $7,200; Credit Common Stock $3,600?; credit Paid?In Capital in Excess of Par?Common Stock $3,600.

C.

debit Cash $7,200?; debit Paid?In Capital in Excess of Par?Common $3,600?; credit Common Stock $10,800.

D.

debit Cash $7,200?; credit Common Stock $7,200.

Answer 1