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ACC 557 Comprehensive Final Exam: Financial Accounting and Reporting

Comprehensive final exam covering financial accounting principles and reporting.

Sofia Rivera
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Comprehensive Final Exam for ACC 557: Financial Accounting and ReportingACC 557/ACC557 Final Exam Part 1 & 2PART 11. Ramos Corporation sold 400 shares of treasury stock for $45 per share. Thecost for the shares was $35. The entry to record thesale will include aAnswercredit to Gain on Sale of Treasury Stock for $14,000.credit to Paid-in Capital from Treasury Stock for $4,000.debit to Paid-in Capital in Excess of Par for $4,000.credit to Treasury Stock for $18,000.2. Each of the following decreases retained earnings exceptAnswercash dividend.liquidating dividend.stock dividend.All of these decrease retained earnings.3. Paid-In Capital in Excess of Stated ValueAnsweris credited when no-par stock does not have a stated value.is reported as part of paid-in capital on the balance sheet.represents the amount of legal capital.normally has a debit balance.

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Document Details

University
Strayer University
Course
ACC 557
Subject
Accounting

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