Which of the following is not a term used torefer to owners' equity in a corporation? a.

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Question:

Which of the following is not a term used torefer to owners' equity in a corporation?

a. Capital

b. Stockholders' equity

{C}

c. Shareholders' investment

d. Members' equity

Treasury stock that had been purchased for $5,500 last month wasreissued this month for $6,500. The journal entry to record there-issuance would include a credit to

a. Paid-In Capital from Treasury Stock for $1,000.

b. Treasury Stock for $6,500.

c. Paid-In Capital in Excess of Par/Common for $1,000.

d. Paid-In Capital from Treasury Stock for $6,500

Under the corporate form of business organization,

a. stockholders wishing to sell their corporation shares mustget the approval of other stockholders.

b. stockholders wishing to sell their corporation shares neednot get the approval of other stockholders, thus making it easy totransfer ownership rights.

c. stockholders' acts can bind the corporation even though thestockholders have not been appointed as agents of thecorporation.

d. a stockholder is personally liable for the debts of thecorporation

A corporation purchases 1,000 shares of its own common stock for$4,000 on Feb. 13. On April 13, half the shares of treasury stockwas sold for $3,000. On April 26, the other half of shares of thetreasury stock was sold for $1,800. The entry to record the April26 sale would include:

a. a credit to Paid-in Capital from the Sale of Treasury Stockfor $1,200.

b. a credit to Cash for $1,800.

c. a debit to Paid-in Capital from the Sale of Treasury Stockfor $200.

d. a debit to Treasury Stock for $2,000.