Question 1 Answer saved Points out of 1,00 Remove flag Liabilities are obligations resulting from past transactions that require the firm to pay money, provide goods, or perform services in the future. Select one: True False Question 2 Answer saved Points out of 1,00 Remove flag Austin Corporation purchased 300 shares of its own $60 par value common stock for $45,000. Later, these shares are sold for $48,000 cash. The journal entry to record the sale includes a: Select one: a. $ 3,000 credit to Gain on Sale of Treasury Stock b. $ 3,000 credit to Paid-in Capital from Treasury Stock O C. $28,800 credit to Pald-in Capital from Treasury Stock O d. 548,000 credit to Treasury Stock Question 4 Not yet answered Points out of 1.00 Remove flag Brothers Inc. issued a 120-day note in the amount of $180,000 on November 1, 2019 with an annual rate of 6%. What amount of interest has accrued as of December 31, 2019?. Select one: a. $2,250 O b. $1,800 c. $18 O d. $3,000 P Question 9 ENER N ot yet answered Points out of 1. 00 R emove flag face value for a share of stock, which may be specified in a corporate charter, is the stock's: Select one: a. Book Value b. Liquidation Value c. Market Value d. Par Value o O Question 10 Not yet answered Points out of 1.00 Remove flag When previously declared cash dividends on common stock are paid which account would the corporation debit? Select one: a. Cash O b. Cash Dividends c. Dividends Payable - Preferred Stock d. Dividends Payable - Common Stock O Question 15 Not yet answered Points out of 1.00 Remove flag A bond that will sell for a discount when the market rate is greater than the coupon rate. Select one: o True O False Question 18 Not yet answered Points out of 1.00 Remove flag Treasury Stock is; Select one: a. Stock of other corporations owned by a corporation b. A corporation's own stock that has been reacquired and held for future use o cStocks invested in gold and silver d. A U.S. government security Question 19 Not yet answered Points out of 1.00 Remove flag Kailey, Inc. issued 20,000 shares of no par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is: Select one: a Debit: Cash 640,000 Credit: Common Stock Credit: Paid-in Capital in Excess of Stated Value 400,000 240,000 O 640,000 b. Debit: Cash 640,000 Credit: Common Stock c. Debit: Cash 640,000 Credit: Common Stock Credit: Paid-in Capital in Excess of Par Value 400,000 240,000 Question 20 Not yet answered Points out of 1.00 Remove flag Cash dividends reduce both cash and retained earnings by the amount of the dividends paid Select one: True False