1.The charter of a corporation provides for the issuance of 100,000shares of common stock.?Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired.?What is the number of shares outstanding?2.Nebraska Inc. issues 3,000 shares of common stock for $45,000.?The stock has a stated value of $10 per share.?The journal entry to record the stock issuance would include a credit to Common Stock for3.The entry to record the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organizing the corporation includes a credit toa.Organizational Expensesb.Goodwillc.Common Stockd.Cash4.Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock.?The stock is widely traded and sold for $15 per share. At what amount should the building be recorded by Kansas Company?5.Alma Corp. issues 1,000 shares of $10 par common stock at $14 per share.?When the transaction is recorded, credits are made toa.Common Stock, $14,000b.Common Stock, $10,000, and Paid-In Capital in Excess of Par, $4,000c.Common Stock, $4,000, and Paid-In Capital in Excess of Stated Value, $10,000d.Common Stock, $10,000, and Retained Earnings, $4,0006.The charter of a corporation provides for the issuance of 100,000 shares of common stock.?Assume that 60,000 shares were originally issued and 10,000 were subsequently reacquired.?What is the amount of cash dividends to be paid if a $2 per share dividend is declared?7.The date on which a cash dividend becomes a binding legal obligation is on thea. ?declaration date?b. date of record?c. payment date?d. last day of fiscal year8.Which of the following is the appropriate general journal entry to record the declaration of cash dividends?a. Retained Earnings????Cashb. ?Cash Dividends Payable????Cash?c. Paid-In Capital????Cash Dividends Payable?d. Cash Dividends?????ash Dividends Payable9.Texas Inc. has 10,000 shares of 6%, $125 par value cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock??a. $60 per share?b. $75,000 in totalc. $10,000 in totald. $0.75 per share10.A company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8.?Subsequently, the company declared a 4% stock dividend on a date when the market price was $12 a share.?What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?11.Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock.?The following amounts were distributed as dividends:Year 1:$10,000Year 2:45,000Year 3:90,000?Determine the dividends per share for preferred and common stock for the first year.a. $0.50 and $0.10b. $0.00 and $0.10c. $0.50 and $0.00d. $2.00 and $0.0012.Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock.?The following amounts were distributed as dividends:Year 1:$10,000Year 2:45,000Year 3:90,000?Determine the dividends per share for preferred and common stock for the second year.a. $2.25 and $0.00b. $2.25 and $0.45c. $0.00 and $0.45d. $2.00 and $0.4513.Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock.?The following amounts were distributed as dividends:Year 1:$10,000Year 2:45,000Year 3:90,000?Determine the dividends per share for preferred and common stock for the third year.a. $4.50 and $0.25b. $3.25 and $0.25c. $4.50 and $0.90d. $2.00 and $0.2514.On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and outstanding.?All 40,000 shares had been issued in a prior period at $20.00 per share.?On February 1, Vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1.?The journal entry to record the purchase of the treasury shares on February 1 would include aa. ?credit to Treasury Stock for $90,000?b. debit to Treasury Stock for $90,000?c. debit to a loss account for $112,500?d. credit to a gain account for $112,50015.How is treasury stock shown on the balance sheet?a. as an assetb. as a decrease in stockholders’ equityc. as an increase in stockholders’ equityd. treasury stock is not shown on the balance sheet16.Treasury stock that was purchased for $3,000 is sold for $3,500.?As a result of these two transactions combinedQuestion 16 options:a. income will be increased by $500b. stockholders’ equity will be increased by $3,500c. stockholders’ equity will be increased by $500d. stockholders’ equity will not change17.Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500.?The journal entry to record the reissuance would include a credit toa. Treasury Stock for $8,500b. Paid-In Capital from Sale of Treasury Stock for $8,500c. Paid-In Capital in Excess of Par?ommon Stock for $2,900d. Paid-In Capital from Sale of Treasury Stock for $2,90018.A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20.?What is the amount of revenue realized from the sale?19.All of the following are normally found in a corporation’s stockholders’ equity section?xcepta. Common Stockb. Paid-In Capital in Excess of Parc. Dividends in Arrearsd. Retained Earnings20.The Dayton Corporation began the current year with a retained earnings balance of $32,000.?During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $3,000 on equipment.?Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $7,000.?Compute the year-end retained earnings balance.21.The two main sources of stockholders’ equity are?Question 21 options:?a. investments by stockholders and net income retained in the business??b. investments by stockholders and dividends paid?c. net income retained in the business and dividends paid?d. investments by stockholders and purchases of assets22.When a corporation completes a 3-for-1 stock splita. the ownership interest of current stockholders is decreasedb. the market price per share of the stock is decreasedc. the par value per share is decreasedd. the market price per share of the stock and the par value per share is decreased23.A corporation has 50,000 shares of $25 par stock outstanding that has a current market value of $150 per share.?If the corporation issues a 5-for-1 stock split, the market value of the stock after the split will be approximately24.Oregon, Inc. reported net income of $105,000.?During the current year, the company had 5,000 shares of $100 par, 5% preferred stock and 10,000 of $5 par common stock outstanding.?regon’s earnings per share is25.What is the total stockholders’ equity based on the following account balances??Common Stock$375,000Paid-In Capital in Excess of Par90,000Retained Earnings190,000Treasury Stock15,000AccountingBusinessFinancial AccountingACCT 220
Get a plagiarism-free order today we guarantee confidentiality and a professional paper and we will meet the deadline.