Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry for tis transaction?
A.Debiting Equipment for $3,000
B.Crediting Common Stock for $3,000
C.Crediting Common Stock for $2,400
D.Crediting Paid in Capital in Excess of Par_common for $600
My answer B
Isaiah Corporation's Accounts Receivable increased by $35,00 and its Accounts Payable Decreased by $18,000.What is the net effect on cash from operations under the indirect method?
A.-$53,000
B.+$35,000
C.+$17,000
D.-$18,000
My answer is c
Case company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold 2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital--Treasury Stock is
A.$26,000
B.$34,000
C.$8,000
D.$30,000