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Exam 11: Reporting and Analyzing Stockholders Equity

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Question 61

Multiple Choice

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If common stock is issued for an amount greater than par value, the excess should be credited to

A) Cash.
B) Retained Earnings.
C) Paid-in Capital in Excess of Par Value.
D) Legal Capital.

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Question 62

Multiple Choice

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Nance Corporation's December 31, 2014 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, Nance's total paid-in capital was

A) $46,860,000.
B) $47,490,000.
C) $46,230,000.
D) $27,060,000.

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Question 63

Multiple Choice

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The officer that is generally responsible for maintaining the cash position of the corporation is the

On January 1, 2014, Holt Corporation had $1,000,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 60,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions Journalize the declaration of a 15% stock dividend on December 10, 2014, for the following two independent assumptions. (a) Par value is $10 and market value is $16. (b) Par value is $5 and market value is $8.

The following items were shown on the balance sheet of Martin Corporation on December 31, 2014: Instructions Complete the following statements and show your computations.

When stock is issued in exchange for a noncash asset, the value recorded for the shares issued is best determined by

Net income of a corporation should be closed to retained earnings and net losses should be closed to paid-in capital accounts.

Which of the following statements about dividends is not accurate?

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

The par value of a stock

All of the following are normally found in a corporation's stockholders' equity section except

If an investment firm underwrites a stock issue, the

The following information pertains to Benedict Company. Assume that all balance sheet amounts represent average balance figures. What is the payout ratio for Benedict?

The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Marvel Corporation at December 31, 2014. Instructions Prepare the stockholders' equity section of the balance sheet at December 31, 2014.

The following selected amounts are available for Thomas Company. What is its ending Retained Earnings balance?

An inexperienced accountant for Teahan Corporation made the following entries. Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.)

A debit balance in the Retained Earnings account is identified as a deficit.

Which of the following would not affect the balance of the Retained Earnings account?

On January 1, Edmiston Corporation had 1,600,000 shares of $10 par value common stock outstanding. On March 31 the company declared a 10% stock dividend. Market value of the stock was $15/share. As a result of this event,

Which of the following statements regarding the date of a cash dividend declaration is not accurate?