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Exam 11: Stockholders Equity

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Question 51

True/False

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The issuance of stock is reported as a financing activity.

A) True
B) False

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Question 52

Multiple Choice

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A liability for dividends is created

A) at the end of each fiscal year.
B) at the date of payment.
C) at the date of record.
D) at the date of declaration.

E) B) and C)
F) None of the above

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Question 53

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Vegan Company reported the following: Common stock,$5 par,200,000 shares authorized,50,000 shares issued and outstanding What is the effect of issuing 2,000 shares of common stock in exchange for land with valued by a realtor at $36,000 if the common stock sells for $12 per share and is regularly traded?

Kiwi Charters reported the following information at December 31,2012: The number of shares of common stock issued is

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.

Treasury stock is stock that has been issued,but not currently outstanding.

[APPENDIX] A partnership can be owned by one or more entities or individuals.

Using the concept of comprehensive income,which of the following items is included as part of comprehensive income but not as part of net income?

A drawing account is sometimes referred to as a ______________________.

Net income that has been earned by the corporation but not paid out as dividends are ______________________________.

When a company declares a 2-for-1 stock split,

Kiwi Charters reported the following information at December 31,2012: The average recorded value per share of common stock at December 31,2012 is

Explain what amount is recorded in the Additional Paid-in Capital account when stock is issued.

Port,Inc.paid a cash dividend on January 2 that had been declared prior to the end of its fiscal year.The entry to pay the dividend will

Manatee Company Manatee Company was incorporated as a new business on January 1,2012.The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%,$10 par value,cumulative,participating preferred stock.On January 1,2012,the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share.Net income for the year ended December 31,2012,was $375,000. Refer to the information about Manatee Company. Manatee's total stockholders' equity reported on the balance sheet at December 31,2012,is

Pustay Parts Shop began business on January 1,2012.The corporate charter authorized issuance of 10,000 shares of $2 par value common stock and 4,000 shares of $8 par value,6% cumulative preferred stock.Pustay issued 2,400 shares of common stock for cash at $20 per share on January 2,2012.What effect does the entry to record the issuance of stock have on total stockholders' equity?

Museum Corporation acquired a new manufacturing building by issuing 10,000 shares of its $50 par value preferred stock with a $75 per share market price.Similar buildings have recently cost $780,000.What are the effects of this transaction on the accounting equation for Museum?

[APPENDIX] Which accounts are used by a sole proprietorship that are not used by a corporation?

Which of the following statements is true with regard to contributed capital?

FASB's concept of comprehensive income