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Exam 3: Statements of Income and Comprehensive Income

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Question 51

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Issued share capital refers to the number of shares:

A) Outstanding.
B) Outstanding less all shares held as treasury shares.
C) Outstanding plus all shares held as treasury shares.
D) That may be issued according to the corporate charter.

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Question 52

Multiple Choice

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The following data is available for XAC: Find the number of shares subscribed and the subscription price per share?

A) Choice 1
B) Choice 2
C) Choice 3
D) Choice 4

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Question 53

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ABC Inc.engages in a non-cash exchange with a third party whereby ABC Inc.issues common shares to the third party in exchange for some highly specialized Machinery & Equipment.The value of the shares issued was $15,000 while the appraised value of the Machinery & Equipment was $12,000.At what amount would this transaction be valued on ABC's books?

Cash dividends usually are declared on one date and paid on a subsequent date to shareholders of record on some intermediate date.On which of the following dates should an accrual basis shareholder recognize investment revenue?

On October 1,2019,XBC declared a dividend to its common shareholders by issuing one share of YTC,preferred share,$.60 no-par (held as a long-term investment)for each of the 15,000 common shares of XBC.On the declaration date,the YTC shares were selling at $7 per share.The YTC shares originally were purchased by XBC at $9 per share; they were transferred to the XBC shareholders on January 30,2000,when their quoted market price was $7.50 per share.Give the following entries for XBC: (a)At date of declaration: (b)At date of payment:

In accounting for dividends,the declaration date is the most important date because dividends are paid to whomever owns the shares on that date.

The shareholders of a corporation usually cannot be held legally liable for the debts of the corporation except to the extent that legal capital is impaired.

Major factors contributing to the growth of the corporate form of business includes all of the following except:

RST had the following shareholders and the shares owned by each on November 15: On that date,RST declared a 1 for 2 common stock dividend.The stock was selling for $10 per share.RST issued fractional share rights when necessary.RST had to issue which of the following number of fractional share rights:

Par value is typically set at a low amount so that the corporation can pay a minimum amount in dividends to the preferred shareholders.

At the date of the financial statements,common shares issued would exceed common shares outstanding as a result of the:

When retained earnings are restricted,they must also be appropriated.

ABC made the following entry to record the issuance of a dividend: ABC must have declared a:

Dividends in arrears on cumulative preferred shares must be paid at the end of the accounting period if cash and retained earnings are available.

Stock splits are often issued primarily to:

Which of the following statements concerning stock dividends is correct?

Which of the following represents the interest period for a scrip dividend?

On December 31,2014,when JR Corporation's shares were selling at $44 per share,its shareholders' equity accounts were as follows: Common shares (no par value) 100,000 A 100 percent stock dividend was declared and issued.The effect of this dividend was:

A property dividend causes a debit to retained earnings equal to the ___________ of the property distributed.

Total retained earnings include both appropriated and unappropriated retained earnings.