Yeloe Corporation Sells 400 Shares of Common Stock Being Held $\quad$

question 46

Short Answer

Yeloe Corporation sells 400 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $60 a share. Yeloe sold the shares for $40 a share. The entry to record the sale is a. Cash $\quad$$\quad$ 16,000
$\quad$ Loss on Sale of Stock Investments $\quad$$\quad$ 8,000
$\quad$ Stock Investments $\quad$$\quad$ 24,000
b. Cash $\quad$$\quad$ 24,000
$\quad$ Gain on Sale of Stock Investments $\quad$$\quad$ 8,000
$\quad$ Stock Investments $\quad$$\quad$ 16,000
c. Cash $\quad$$\quad$ 16,000
$\quad$ Stock Investments $\quad$$\quad$ 6,000
d. Stock Investments $\quad$$\quad$ 16,000
$\quad$ Loss on Sale of Stock Investments $\quad$$\quad$ 8,000
$\quad$ Cash $\quad$$\quad$ 24,000

---

Definitions:

Defendant's Breach

An act of breaking or failing to observe a law, agreement, or code of conduct by the individual or entity being sued in a legal action.

Battery

A criminal offense involving the unlawful physical acting upon a threat, distinct from assault which is the act of creating apprehension of such contact.

Assault

An act that intentionally places another person in apprehension of imminent harmful or offensive contact.

Contributory Negligence

Contributory negligence is a legal principle where a plaintiff's own negligence partially contributes to the harm they have suffered, potentially reducing or barring their ability to recover damages.