Rain Forever Corporation Had a Beginning Balance in Common Stock

question 19

Multiple Choice

Rain Forever Corporation had a beginning balance in common stock of $30,000 and additional paid in capital-common stock of $350,000. At the end of the year the balances in the accounts were $40,000 and $410,000, respectively. The only transaction involving stock was the sale of stock. Cash received from the sale of the stock was:

• A)$ 50,000.
• B)$ 70,000.
• C)$830,000.
• D)none of the above.

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Definitions:

Glazier

A glassworker.

Cames

Thin metal strips, traditionally lead, used to join pieces of glass together in the creation of stained glass windows and art.

Optical Isolator Circuit

A component that uses light to transfer an electrical signal between two isolated circuits, preventing high voltages from affecting the system receiving the signal.

Line Voltage Transients

Short-duration surges, spikes, or dips in electrical power supply voltage, which can damage equipment or affect performance.