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Exam 18: Shareholders Equity Key

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Question 51

Multiple Choice

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Accumulated other comprehensive income:

A) is a liability.
B) might include prior service cost from pension plan amendments.
C) includes accumulated pension expense.
D) is reported in the income statement.

E) A) and D)
F) A) and C)

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Question 52

Multiple Choice

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The 2014 sale of half of the treasury stock would:

A) Reduce income before tax by $60,000.
B) Reduce retained earnings by $60,000.
C) Increase total shareholders' equity by $300,000.
D) Decrease retained earnings by $40,000.

E) B) and C)
F) A) and B)

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Question 53

Multiple Choice

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Common shareholders usually have all of the following rights except:

What was the average price of the additional treasury shares purchased by Levi during 2013?

Revenue and expense items and components of other comprehensive income can be reported in a single statement of comprehensive income using:

Details of each class of stock must be reported:

In 2013, Poe's Products completed the treasury stock transactions described below. January 2: Reacquired 10 million shares at $16 per share. February 15: Sold 3 million shares at $20 per share. September 20: Sold 3 million treasury shares at $15 per share. Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions, assuming that Poe's Products uses the cost method.

What ($ in 000s) was shareholders' equity as of December 31, 2014?

Noncash assets received as consideration for the issue of stock are always valued based on the fair value of the stock.

Two of the three primary account classifications within shareholders' equity are:

Restrictions on retained earnings must be disclosed in the body of the balance sheet.

Fowler Co.'s balance sheet showed the following at December 31, 2013: A cash dividend is declared on December 31, 2013, and is payable on January 20, 2014, to shareholders of record on January 10, 2014. Required: (1.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share. (2.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

What was the fair value of the treasury stock exchanged for asset acquisitions for 2012?

The retained earnings balance reported in the balance sheet typically is not affected by:

Montgomery & Co., a well-established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Montgomery's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's paid-in capital-excess of par increase for this transaction?

What is the difference between a stock split and a stock split effected in the form of a stock dividend?

Retained earnings represent:

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

The changes in account balances for Elder Company for 2013 are as follows: Assuming the only changes in retained earnings in 2013 were for net income and a $50,000 dividend, what was net income for 2013?

The changes in account balances for Elder Company for 2013 are as follows: Assuming the only changes in retained earnings in 2013 were for net income and a $50,000 dividend, what was net income for 2013?