On February 2, Year 1, Farmer Corporation issued 9,000 share…
Questions
On Februаry 2, Yeаr 1, Fаrmer Cоrpоratiоn issued 9,000 shares of no-par stock for $17 per share. Within two hours of the issue, the stock's price jumped on the New York Stock Exchange to $21 per share. Which of the following answers describes the effect of the February 2 transaction on the financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityCash+Accounts Receivable=Accounts Payable+Common Stock+Retained EarningsRevenue−Expense=Net IncomeA.153,000+ = +153,000+ − = 153,000 FAB.189,000+ = +189,000+ − = 189,000 IAC.153,000+ = +153,000+ − = 153,000 IAD.189,000+ = +189,000+ − = 189,000 FA
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