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 & 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

Biology
1.2K views

What is the function of the release factor during translation in eukaryotes It releases the...

Biology
1.2K views

Intracellular receptor Hydrophilic ligand Transmembrane receptor Hydrophobic ligand Cytoplasm Extracellular environment Prov of 36 110010011001...

Physics
1.2K views

Q 48 There is an infinite non conducting sheet of charge having uniform charge density...

Accounting
1.2K views

aninanuieferferier 3. Geterine be natment tipral ines to 3,1,8025 aninanuieferferier 3....

Accounting
1.2K views

On January 2, 2018, DK Associates Ltd. purchased branding equipment at a cost of $63,000....

Accounting
1.2K views

The 2021 income statement for Anderson TV and Appliance reported net sales of $250,000 and...

Accounting
1.2K views

Please help as soon as possible. XYZ Repairs PTY Ltd repairs cars and other automobiles...

Accounting
1.2K views

Shallow Waters Company was started several years ago by two diving instructors. The company's comparative...

Accounting
1.2K views

The accountant preparing the financial statements has asked you to provide the fair value as...

Accounting
1.2K views

During its first year of operations, Signature Lamp Company Inc. had sales of $900,000, all...

Finance
1.2K views

NPV for varying costs of capital LePew Cosmetics is evaluating a new fragrance-mixing machine. The...

Accounting
1.2K views

Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...