S & C Company Issues 1,500 Shares of Common Stock

question 53

Multiple Choice

S & C Company issues 1,500 shares of common stock with a $2 par value.The issue price of the stock is $13 per share,and the company paid an underwriter $500 in stock issue costs.What is the journal entry required to record the issuance of the shares?

Appreciate the objectives of a system of internal control, including the safeguarding of assets.

Understand the importance of maintaining multiple bank accounts for efficiency and better control over cash.

Grasp why systems of internal control are necessary for companies of all sizes.

Recognize the importance of employee vacations as a strength in the system of internal controls for promoting operational efficiency.

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Definitions:

Income Distribution

The way in which a nation’s total GDP is spread amongst its population, affecting the economic equality or disparity in a society.

Equitable Distribution

A principle aiming for a fair allocation of resources and wealth across society. It doesn't necessarily mean equal distribution but focuses on ensuring individuals have fair access to resources and opportunities.

Allocation of Resources

The process of distributing scarce resources among various uses or competing demands to maximize output or efficiency in an economy.

Income Distribution

Refers to the way in which total income is shared among the members of a society.