The Apex Corporation sells one million shares of its $0.02 par value Common Stock for $15 per share. The effects of this transaction on Apex Corporation’s accounts are: Select one: a. Cash +$15 million, Common Stock +$20,000, Additional Paid-in Capital +$14,980,000. b. Cash +$20,000, Common Stock +$20,000, No Effect on Additional Paid-in-Capital. c.Cash +$15 million, Common Stock ($20,000), Additional Paid-in-Capital ($14,980,000). d. Cash +$14,980,000, Common Stock ($20,000), Additional Paid-in-Capital +$15 million
The Apex Corporation sells one million shares of its $0.02 par value Common Stock for $15 per share. The effects of this transaction on Apex Corporation’s accounts are: Select one: a. Cash +$15 million, Common Stock +$20,000, Additional Paid-in Capital +$14,980,000. b. Cash +$20,000, Common Stock +$20,000, No Effect on Additional Paid-in-Capital. c.Cash +$15 million, Common Stock ($20,000), Additional Paid-in-Capital ($14,980,000). d. Cash +$14,980,000, Common Stock ($20,000), Additional Paid-in-Capital +$15 million
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 6MCQ: Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were...
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The Apex Corporation sells one million shares of its $0.02 par value Common Stock for $15 per share. The effects of this transaction on Apex Corporation’s accounts are:
Select one:
a. Cash +$15 million, Common Stock +$20,000, Additional Paid-in Capital +$14,980,000.
b. Cash +$20,000, Common Stock +$20,000, No Effect on Additional Paid-in-Capital.
c.Cash +$15 million, Common Stock ($20,000), Additional Paid-in-Capital ($14,980,000).
d. Cash +$14,980,000, Common Stock ($20,000), Additional Paid-in-Capital +$15 million
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