Composite, Inc

question 70

Multiple Choice

Composite, Inc., a firm specializing in building materials, engaged in the following transaction during 2013: issued 2,000 shares of common stock for $7,500 million in cash.Indicate the effects of the transaction on the balance sheet equation.(Composite Inc.applies U.S.GAAP financial reporting standards, and reports its results in millions of dollars.)

• A)Liabilities +$7,500 million; Shareholders' Equity -$7,500 million
• B)Liabilities +$7,500 million; Shareholders' Equity +$7,500 million
• C)Assets +$7,500 million ; Liabilities +$7,500 million
• D)Assets +$7,500 million ; Shareholders' Equity +$7,500 million
• E)Assets -$7,500 million ; Liabilities -$7,500 million

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Psychology

The scientific study of the mind and behavior, covering various aspects of conscious and unconscious experience as well as thought.

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The state of being subject to death.

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The length of time that a person has lived or a thing has existed.

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