Accounting 212- Exam I 2024 with 100% complete solutions

True or False?: The corporation is an entity separate and distinct from its owners. correct answersTrue T/F?: The liability of stockholders is normally limited to their investment in the corporation. correct answersTrue The relative lack of government regulation is an advantage of the corporate form of business. correct answersFalse T/F?: There is no journal entry to record the authorization of capital stock. correct answersTrue No-par value stock is quite rare today. correct answersFalse Concord Corporation began operations on April 1 by issuing 62,000 shares of $4 par value common stock for cash at $14 per share. correct answersDebit Cash for 868000 (62000 shares x 14 per share); Credit Common Stock 248000 (62000 shares x $4 par value); Credit Paid-in Capital in Excess of Par-Common Stock 620,000 (868,000-248,000) On April 19, it issued 2,700 shares of common stock to attorneys in settlement of their bill of $27,400 for organization costs. correct answersDebit Organization Expense 27,400 (cost of the bill); Credit Common Stock 10,800 (2700 shares x $4 par value); Credit Paid-in Capital in Excess of Par - Common Stock 16,600 ()