Quiz Chapter 12 Acc557 Wiley Plus

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    Home>Business & Finance homework help>Accounting homework help

    Which one of the following is not an ownership right of a stockholder in a corporation?

     

     

     

    To declare dividends on the common stock.

     

     

     

    To share in assets upon liquidation.

     

     

     

    To share in corporate earnings.

     

     

     

    To vote in the election of directors.

     

    A corporation has the following account balances: Common stock, $1 par value, $30,000; Paid-in Capital in Excess of Par Value, $1,350,000. Based on this information, the

     

     

     

    average price per share issued is $4.60.

     

     

     

    number of shares outstanding are 1,380,000.

     

     

     

    number of shares issued are 30,000.

     

     

     

    legal capital is $1,380,000.

     

    If stock is issued for a noncash asset, the asset should be recorded on the books of the corporation at

     

     

     

    a nominal amount.

     

     

     

    zero.

     

     

     

    fair market value.

     

     

     

    cost.

     

    Which of the following represents the largest number of common shares?

     

     

     

    Outstanding shares

     

     

     

    Authorized shares

     

     

     

    Treasury shares

     

     

     

    Issued shares

     

    A corporation purchases 20,000 shares of its own $20 par common stock for $35 per share, recording it at cost. What will be the effect on total stockholders’ equity?

     

     

     

    Decrease by $400,000

     

     

     

    Increase by $400,000

     

     

     

    Decrease by $700,000

     

     

     

    Increase by $700,000

     

    The acquisition of treasury stock by a corporation

     

     

     

    requires that a gain or loss be recognized on the income statement.

     

     

     

    increases its total assets and total stockholders’ equity.

     

     

     

    decreases its total assets and total stockholders’ equity.

     

     

     

    has no effect on total assets and total stockholders’ equity.

     

     

    Which of the following is not a right or preference associated with preferred stock?

     

     

     

    The right to vote.

     

     

     

    To receive dividends in arrears before common stockholders receive dividends.

     

     

     

    First claim to dividends.

     

     

     

    Preference to corporate assets in case of liquidation.

     

     

    If preferred stock is cumulative, the

     

     

     

    common shareholders will share in the preferred dividends.

     

     

     

    preferred shareholders and the common shareholders receive equal dividends.

     

     

     

    preferred dividends not declared in a given year are called dividends in arrears.

     

     

     

    preferred shareholders and the common shareholders receive the same total dollar amount of dividends.

     

    When common stock is issued for services or non-cash assets, cost should be

     

     

     

    the book value of the common stock issued.

     

     

     

    either the fair market value of the consideration given up or the consideration received, whichever is more clearly evident.

     

     

     

    only the fair market value of the consideration received.

     

     

     

    only the fair market value of the consideration given up.

     

     

    Common Stock Dividends Distributable is classified as a(n)

     

     

     

    liability account.

     

     

     

    asset account.

     

     

     

    stockholders’ equity account.

     

     

     

    expense account.

     

    Indicate the respective effects of the declaration of a cash dividend on the following balance sheet sections:

                Total Assets                 Total Liabilities             Total Stockholders’ Equity

     

    Decrease                      No change                    Increase

     

     

    No change                    Increase                       Decrease

     

     

    Decrease                      Increase                       Decrease

     

     

    Increase                       Decrease                      No change

     

     

     

    No change                    Increase                       Decrease

     

     

    Which of the following show the proper effect of a stock split and a stock dividend?

                Item                 Stock Split                   Stock Dividend

     

    Total par value (common)                     Decrease                      Increase

     

     

    Total retained earnings              Decrease                      Decrease

     

     

    Par value per share                   Decrease                      No change

     

     

    Total paid-in capital                  Increase                       Increase

     

     

     

    Par value per share                   Decrease                      No change

     

     

    Restricting retained earnings for the cost of treasury stock purchased is a

     

     

     

    legal restriction.

     

     

     

    stock restriction.

     

     

     

    voluntary restriction.

     

     

     

    contractual restriction.

     

    Retained earnings are occasionally restricted

     

     

     

    if preferred dividends are in arrears.

     

     

     

    to set aside cash for dividends.

     

     

     

    to keep the legal capital associated with paid-in capital intact.

     

     

     

    due to contractual loan restrictions.

     

    Prior period adjustments

     

     

     

    may only increase retained earnings.

     

     

     

    may either increase or decrease retained earnings.

     

     

     

    do not affect retained earnings.

     

     

     

    may only decrease retained earnings.

     

     

     

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