Question:
Question: Question 11/12 A company started the year with $\$ 10,000$ of Inventory. Purchases for resale during the year were $\$ 20,000$. Inventory on... Question 11/12
A company started the year with $\$ 10,000$ of inventory. Purchases for resale during the year were $\$ 20,000$. Inventory on December 31 is $\$ 5,000$. What's the cost of goods sold?
$\$ 5,000$
$\$ 10,000$
$\$ 25,000$
$\$ 30,000$
$\$ 35,000$
Question 12/12
A company sells 10,000 shares of previously authorized stock at the par value of $\$ 10$ per share. What's the correct entry to record the transaction?
Debit cash $\$ 10,000$, credit capital stock $\$ 10,000$
Debit capital stock $\$ 100,000$, credit cash $\$ 100,000$
Debit cash $\$ 100,000$, credit capita 11 stock $\$ 100,000$
Debit cash $\$ 100,000$, credit treasury stock $\$ 100,000$
Debit cash $\$ 10$, credit capital stock $\$ 10$
...