TB MC Qu.8-25(Algo) On January 2, Year 1, Torres... On January 2, Year...

50.1K

Verified Solution

Question

Accounting

TB MC Qu.8-25(Algo) On January 2, Year 1, Torres...
On January 2, Year 1, Torres Corporation issued 16,000 shares of $12 par-value common stock for $16 per share. Which of the following statements is true?
Multiple Choice
The common stock account will increase by $256,000.
The pald-in capital in excess of par value account will increase by $64,000.
The cash account will increase by $192,000.
Total stockholders' equity will increase by $192,000.
image

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