Accounting homework help

1) Retained earning is

a. Always equal to the amount of cash that the corporation has generated from operations.

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b. A part of the paid-in capital of the corporation.

c. A part of the stockholders’ claim on the total assets of the corporation.

d. Closed at the end of each accounting period.

2) When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the

a. stated value of the stock.

b. par value of the stock.

c. market value of the stock.

d. book value of the stock.

3) If Vickers Company issues 4,000 shares of $5 par value common stock for $140,000,

a. Common Stock will be credited for $140,000.

b. Paid-In Capital in Excess of Par will be credited for $20,000.

c. Paid-In Capital in Excess of Par will be credited for $120,000.

d. Cash will be debited for $120,000.

4) 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.

d. Legal Capital.

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

corporation at

a. fair value.

b. cost.

c. zero.

d. a nominal amount

6) If stock is issued for less than par value, the account

a. Paid-In Capital in Excess of Par is credited.

b. Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.

c. Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.

d. Retained Earnings is credited.

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

a. Treasury shares

b. Issued shares

c. Outstanding shares

d. Authorized shares

8) New Corp. issues 2,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to

a. Common Stock $20,000 and Paid-in Capital in Excess of Stated Value $8,000.

b. Common Stock $28,000.

c. Common Stock $20,000 and Paid-in Capital in Excess of Par $8,000.

d. Common Stock $20,000 and Retained Earnings $8,000.

9) If Keene Company issues 4,500 shares of $5 par value common stock for $80,000, the account

a. Common Stock will be credited for $22,500.

b. Paid-in Capital in Excess of Par will be credited for $22,500.

c. Paid-in Capital in Excess of Par will be credited for $80,000.

d. Cash will be debited for $57,500.

10) Carson Packaging Corporation began business in 2013 by issuing 25,000 shares of $3 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year-end, the common stock had a market value of $12. On its December 31, 2013 balance sheet, Carson Packaging would report

a. Common Stock of $300,000.

b. Common Stock of $75,000.

c. Common Stock of $200,000.

d. Paid-In Capital of $75,000.

11) Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total issue of

stock sold for $15 per share. The journal entry to record this transaction would include a

a. debit to Cash for $60,000.

b. credit to Common Stock for $60,000.

c. credit to Paid-in Capital in Excess of Par for $112,500.

d. credit to Common Stock for $112,500.

12) Ralston Company is authorized to issue 10,000 shares of 8%, $100 par value preferred

stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If

Ralston issues 6,000 shares of common stock to pay its recent attorney’s bill of $25,000

for legal services on a land access dispute, which of the following would be the journal

entry for Ralston to record?

a. Legal Expense 6,000

Common Stock 6,000

b. Legal Expense 25,000

Common Stock 25,000

c. Legal Expense 25,000

Common Stock 6,000

Paid-in Capital in Excess of Stated Value – Common 19,000

d. Legal Expense 25,000

Common Stock 6,000

Paid-in Capital in Excess of Par –Preferred 19,000

13) The following data is available for Blaine Corporation at December 31, 2013:

Common stock, par $10 (authorized 25,000 shares) $200,000

Treasury Stock (at cost $15 per share) 900

Based on the data, how many shares of common stock are outstanding?

a. 25,000

b. 20,000

c. 24,940

d. 19,940

14) The following data is available for Blaine Corporation at December 31, 2013:

Common stock, par $10 (authorized 25,000 shares) $200,000

Treasury Stock (at cost $15 per share) 900

Based on the data, how many shares of common stock have been issued?

a. 25,000

b. 20,000

c. 24,940

d. 19,940

15) On the dividend record date,

a. a dividend becomes a current obligation.

b. no entry is required.

c. an entry may be required if it is a stock dividend.

d. Dividends Payable is debited.

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

a. The dividend can be rescinded once it has been declared.

b. The corporation is committed to a legal, binding obligation.

c. The board of directors formally authorizes the cash dividend.

d. A liability account must be increased.

17) Dividends Payable is classified as a

a. long-term liability.

b. contra stockholders’ equity account to Retained Earnings.

c. current liability.

d. stockholders’ equity account.

18) Indicate the respective effects of the declaration of a cash dividend on the following

balance sheet sections:

Total Assets Total Liabilities Total Stockholders’ Equity

a. Increase Decrease No change

b. No change Increase Decrease

c. Decrease Increase Decrease

d. Decrease No change Increase

19) Which of the following statements about dividends is not accurate?

a. Many companies declare and pay cash quarterly dividends.

b. Low dividends may mean high stock returns.

c. The board of directors is obligated to declare dividends.

d. A legal dividend may not be a feasible one.

20) The cumulative effect of the declaration and payment of a cash dividend on a company’s balance sheet is to

a. decrease current liabilities and stockholders’ equity.

b. increase total assets and stockholders’ equity.

c. increase current liabilities and stockholders’ equity.

d. decrease stockholders’ equity and total assets.

21) The declaration and distribution of a stock dividend will

a. increase total stockholders’ equity.

b. increase total assets.

c. decrease total assets.

d. have no effect on total assets.

22) Xeris, Inc. has 1,000 shares of 5%, $10 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2013. What is the annual dividend on the preferred stock?

a. $5 per share

b. $500 in total

c. $5,000 in total

d. $.05 per share

23) Win, Inc. has 10,000 shares of 7%, $100 par value, cumulative preferred stock and

100,000 shares of $1 par value common stock outstanding at December 31, 2013. If the

board of directors declares a $60,000 dividend, the

a. preferred shareholders will receive 1/10th of what the common shareholders will

receive.

b. preferred shareholders will receive the entire $60,000.

c. $60,000 will be held as restricted retained earnings and paid out at some future date.

d. preferred shareholders will receive $30,000 and the common shareholders will receive

$30,000.

24) Marion, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2013. There were no dividends declared in 2012. The board of directors declares and pays a $55,000 dividend in 2013. What is the amount of dividends received by the common stockholders in 2013?

a. $0

b. $25,000

c. $55,000

d. $30,000

25) Library, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and

50,000 shares of $1 par value common stock outstanding at December 31, 2012, and

December 31, 2013. The board of directors declared and paid a $4,000 dividend in 2012.

In 2013, $15,000 of dividends are declared and paid. What are the dividends received by

the preferred and common shareholders in 2013?

Preferred Common

a. $9,000 $6,000

b. $7,500 $7,500

c. $6,000 $9,000

d. $5,000 $10,000.To continue with the answer check on mycoursewriter.com/

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