Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 2, year 1, torres corporation issued 22

On January 2, Year 1, Torres Corporation issued 22,000 shares of $15 par-value common stock...

60.1K

Verified Solution

Question

Accounting

On January 2, Year 1, Torres Corporation issued 22,000 shares of $15 par-value common stock for $25 per share. Which of the following statements is true?

Multiple Choice

The Common Stock account will increase by $550,000.

The Cash account will increase by $330,000.

Total stockholders equity will increase by $330,000.

The Paid-in Capital in Excess of Par Value account will increase by $220,000.

*Answer must be one of the options provided

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

can a vector with dimensions R^N and a vector with dimensions R^N+1 be a matrix? and...

Finance
1.2K views

The cost of debt   Gronseth Drywall​ Systems, Inc., is in discussions with its investment bankers regarding the issuance...

Advance Math
1.2K views

Prove that if A is an enumerable set all of whose members are also enumerable sets,...

Biology
1.2K views

Question 4 Points 2 Which judicial power do some governors have that is not granted...

Physics
1.2K views

A long straight hollow conductor tube carrying a current has two sections A and C...

Physics
1.2K views

A particle is thrown at an angle a sin 3 in air as shown in...

Basic Math
1.2K views

At a concession stand, seven hot dogs and two hamburgers cost $16.75; two hot dogs...

Algebra
1.2K views

Part 3 of Using t sec 8 we must also convert the integration limits If...

Accounting
1.2K views

On January 1, 2020, Hemingway Co. acquired all of the common stock of Crotec Corp....

Accounting
1.2K views

The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and...

Finance
1.2K views

Happy Your Self" ( HYS) Co. is evaluating an investment proposal to manufacture GB pen...

Finance
1.2K views

10.00 points Use the financial statements of Heifer Sports Inc. in Table 14.14 to find...