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Exam 18: Shareholders Equity Key

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Question 21

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When stock is issued in exchange for property, the best evidence of fair value might be any of the following except:

A) The appraised value of the property received.
B) The selling price of the stock in a recent transaction.
C) The price of the stock quoted on the stock exchange.
D) The average book value of outstanding stock.

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Question 22

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A statement of comprehensive income does not include:

A) Net income.
B) Losses resulting from the return on pension assets exceeding expectations.
C) Losses from changes in estimates regarding the PBO.
D) Prior service cost.

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Question 23

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Characteristics of the corporate form that have led to the growth of this form of business ownership include all of the following except:

Despot declared a property dividend to give marketable securities to its common stockholders. The securities had cost Despot $7 million and currently have a fair value of $16 million. Which of the following would be included in recording the property dividend declaration?

Accumulated other comprehensive income:

The net assets of a corporation are equal to:

Coy, Inc., initially issued 200,000 shares of $1 par value stock for $1,000,000 in 2011. In 2012, the company repurchased 20,000 shares for $200,000. In 2013, 10,000 of the repurchased shares were resold for $160,000. In its balance sheet dated December 31, 2013, Coy, Inc.'s treasury stock account shows a balance of:

Assuming that Composition had Dividends Payable of $17,450 thousand at December 31, 2011, compute the balance in that account at December 31, 2013.

Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2013. In October 2013, Rick Co.'s Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $60 per share. In recording this transaction, Rick would:

In terms of business volume, the dominant form of business organization is the:

How many of Levi's common shares were outstanding on 12/31/2012?

The par value of shares issued is normally recorded in the:

On September 15, 2013, the Scottie Company board of directors declared a 10% stock dividend on common shares. The shares are to be distributed on October 10, 2013, to shareholders of record on October 1, 2013. The market price per share on the date of declaration was $24 while the market price on the date of distribution was $26. The common stock has a par value of $5 per share and there were 1,000,000 shares outstanding prior to the declaration of the stock dividend. Required: Prepare any necessary journal entries to record the above transactions.

Issued stock refers to the number of shares:

Issued stock refers to the number of shares:

Preferred stock is called preferred because it usually has two preferences. These preferences relate to:

The balance sheet reports the balances of shareholders' equity accounts. What additional information is provided by the statement of shareholders' equity?

What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2013?

The shareholders' equity of HS Corporation includes $300,000 of $1 par common stock and $600,000 par value of 6% cumulative preferred stock. The board of directors of HS declared cash dividends of $70,000 in 2013 after paying $30,000 cash dividends in 2012 and $50,000 in 2011. Required: What is the amount of dividends common shareholders will receive in 2013?

Under GAAP, the declaration of a property dividend may require the recognition of a gain or loss if the fair value of the property is different from its carrying value on the declaration date.