You helped me last week. Have 13 questions for ACC 291 due


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You helped me last week. Have 13 questions for ACC 291 due Monday 5pm – can you help me again. ACC 291 Week 4.pdf 6’9/2015 Print Assignment: ACC 291-Week 4 Assignment ::true DNCl’lptlon / lnetruc:llone: ACC 291-Week 4 Assignment Question 1 Indicate whether each of the following statements is true or false. 1. lhe corporation Is an entity separate and distinct from Its owners. 2. lhe llablllty of stockholders Is nonnally llmlted to their Investment In the corporation. 3. lhe relative lack of govemment regulation is an advantage of the corporate fonn of business. 4, There is no joumal entry to record the authorization of capital stock. S. No-par value stock is quite rare today. Questlon2 Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnershlps. Because of the pressure of the new Job, the accountant was unable to review what he had leamed ear11er about corporation accounting. During the first month, he made the followlng entries for the corporation’s capltal stock. May2 10 15 cash capltal Stock (Issued 7,810 shares of $11 par value common stock at $13 per share) cash capltal Stock (Issued 11,590 shares of $18 par value prefened stodc at $55 per share) capital Stock cash (PUrchased 640 shares of common stock for the treasury at $12 per share) 101,530 101,530 637,450 637,450 7,680 7,680 On the basis of the explanatlon for each entry, prepare the entries that should have been made for the capita! stock transactions. (RM:onl entnes In the order displayed In the pn,blem .stat.ement. Credit aocount tilJes are aummalk:ally indentlild when amount is enc.red. Do notindent manually.) Acmunt lltlN and Explanatlan Debit http://edugen.wiley.com/edugervshared/assignment/tesVagprint.uni?nunberQuest=true&titleType=true credit 1/13 Read more

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