Solved

CGJ Company Has Provided the Following

Question 26

Multiple Choice

CGJ Company has provided the following:
200,000 shares of $5 par value common stock are authorized;
140,000 shares of common stock were issued for $11 per share;
130,000 shares are outstanding.
Which of the following statements is false?


A) Common stock is reported at $700,000 on the balance sheet.
B) Additional-paid in capital is reported at $840,000 on the balance sheet.
C) Stockholders' equity decreased $110,000 when the treasury stock was purchased.
D) There are 10,000 shares of treasury stock.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions