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Exam 13: Corporations: Organization, stock Transactions, and Dividends

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Question 111

Multiple Choice

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Characteristics of a corporation include

A) shareholders who are mutual agents
B) direct management by the shareholders (owners)
C) its inability to own property
D) shareholders who have limited liability

E) All of the above
F) A) and B)

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Question 112

Multiple Choice

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Match each of the following stockholders' equity concepts to the most appropriate term (a-h) . -The number of shares currently held by stockholders

A) Authorized shares
B) Issued shares
C) Outstanding shares
D) Par value
E) Common stock
F) Preferred stock
G) Paid-In Capital in Excess of Par
H) Transfer agent

I) B) and C)
J) C) and F)

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Question 113

True/False

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Treasury Stock is listed in the Stockholders' equity section on the balance sheet.

For the current year ended, ABC had the following transactions: ​ Issued 10,000 shares of $2 par common stock for $12 per share.Issued 3,000 shares of $50 par, 6% preferred stock for $70 per share.Purchased 1,000 shares of previously issued common stock for $15 per share.Reported net income of $200,000. Declared and paid a total dividend of $40,000. ​ Assume that retained earnings had a beginning balance of $75,000. Match the following amounts to the appropriate term (a-h) . ​ -$20,000

Which of the following statements is not true about a 2-for-1 split?

Those most responsible for the major policy decisions of a corporation are the

When the board of directors declares a cash or stock dividend,this action decreases retained earnings.

A corporation has 50,000 shares of $25 par stock outstanding that has a current market value of $120.If the corporation issues a 5-for-1 stock split,the par value of the stock after the split will be

Match each of the following stockholders' equity concepts to the appropriate term (a-h) . -Owners of this class of stock are entitled to receive dividends first

If 20,000 shares are authorized,15,000 shares are issued,and 500 shares are held as treasury stock,a cash dividend of $1 per share would amount to $15,000.

The day on which the board of directors of the corporation distributes a dividend is called the declaration date.

On April 10,Maranda Corporation issued for cash 11,000 shares of no-par common stock at $25.On May 5,Maranda issued at par 1,000 shares of 4%,$50 par preferred stock for cash.On May 25,Maranda issued for cash 15,000 shares of 4%,$50 par preferred stock at $55.​Journalize the entries to record the April 10,May 5,and May 25 transactions.

A corporation has 50,000 shares of $28 par stock outstanding that has a current market value of $150 per share.If the corporation issues a 4-for-1 stock split,the market value of the stock will fall to approximately

When no-par stock is issued,Common Stock is credited for the selling price of the stock issued.

Earnings per share