Texts: CR Co. needs to raise capital, so it decides to issue stock. JCR was authorized to issue 10,000 shares of common stock at $1 par value. On 4/15, JCR Co. issued 4,000 shares for $600,000. What is JCR’s journal entry to record the issuance of the stock?
a. Cash 600,000 PIC – CS 4,000 APIC – CS 596,000
b. Cash 600,000 PIC – CS 600,000
c. Cash 600,000 APIC – CS 600,000
d. PIC – CS 4,000 APIC – CS 596,000 Cash 600,000
e. Cash 600,000 PIC – CS 596,000 APIC – CS 4,000
2. Fox Co. calculated the following data for the period:
Cash received from customers $ 50,000
Cash received from sale of equipment 2,000
Interest paid to bank on note 6,000
Cash paid to employees 16,000
What amount should Fox report as net cash provided by operating activities in its statement of cash flows? Group of answer choices
$50,000 $30,000 $34,000 $28,000