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ACC 291 Week 4 WileyPLUS Assignment

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ACC 291 Week 4 WileyPLUS Assignment

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ACC 291 WileyPLUS Assignment: Week 4 Assignment

Resource: WileyPLUS

Complete the following Week 4 Assignment in WileyPLUS:

• Do It! 11-1

• Exercise 11-5

• Exercise 11-07

• BYP 11-1

• BYP 11-2

• Problem 11-5A

• Problem 11-8A

Do It! Review 11-1

Your answer is correct.

Indicate whether each of the following statements is true or false.

1. The corporation is an entity separate and distinct from its owners.

2. The liability of stockholders is normally limited to their investment in the corporation.

3. The relative lack of government regulation is an advantage of the corporate form of business.

4. There is no journal entry to record the authorization of capital stock.

5. No-par value stock is quite rare today.

Exercise 11-5

Your answer is correct.

Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.

May 2 Cash 113,680

Capital Stock 113,680

(Issued 8,120 shares of $11 par value common stock at $14 per share)

 

ACC 291 Week 4 WileyPLUS Assignment https://uoptutorialstore.com/category/acc-291/ ACC 291 WileyPLUS Assignment: Week 4 Assignment Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Do It! 11-1 • Exercise
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