accounting-A corporation began operations on October 1, 2014, with 3,000 shares

A corporation began operations on October 1, 2014, with 3,000 shares of $2 par common stock authorized. The company issued common stock on several occasions during 2014 and 2015. On December 31, 2015, the company repurchased 1,000 shares of its outstanding shares and then reissued 500 of these shares on March 1, 2016. On June 1, 2016, the company’s board of directors declared a 2-for-1 stock split. As a result of this stock split, which of the following is true?Assets decreased.The number of shares issued decreased.Total liabilities decreased.Total stockholders’ equity remained the same.For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account ‘ x’ is a debit/credit etc… is not an acceptable answer. Explanation should cover the actual transaction that occurred.Example Question: Utilities Expense 700 Cash 700An acceptable answer would be: Client paid current month’s utility bill, asset is decreasing, and net worth is decreasing.____________________________________________________________Question:Accounts Receivable8,000 debitServices Revenue8,000 creditThere are several questions I am needing help on…For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account ‘ x’ is a debit/credit etc… is not an acceptable answer. Explanation should cover the actual transaction that occurred.Example Question: Utilities Expense 700 Cash 700An acceptable answer would be: Client paid current month’s utility bill, asset is decreasing, and net worth is decreasing.Question:Cash100,000 debitOffice Equipment24,000 debitCommon Stock124,000 creditA corporation began operations on October 1, 2014, with 3,000 shares of $2 par common stock authorized. The company issued common stock on several occasions during 2014 and 2015. On December 31, 2015, the company repurchased 1,000 shares of its outstanding shares and then reissued 500 of these shares on March 1, 2016. On June 1, 2016, the company’s board of directors declared a 2-for-1 stock split. As a result of this stock split, which of the following is true?a. Assets decreased.b. The number of shares issued decreased.c. Total liabilities decreased.d. Total stockholders’ equity remained the same.Which statement is true concerning operating assets?a. Operating assets have no physical properties.b. A company’s operating assets are important to its short-term liquidity.c. Operating assets are used over two or more periods to generate revenues.d. All operating assets are reported on the income statementThe effect of recording depreciation for the year is a(n)a. decrease in assets and a decrease in net income.b. decrease in assets but no change in owners’ equity.c. increase in assets and an increase in net income.d. decrease in net income and no change in assets.

 

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