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Acc 557 week 8 quiz
Acc 557 week 8 quiz
Acc 557 week 8 quiz
Acc 557 week 8 quiz
Acc 557 week 8 quiz
Acc 557 week 8 quiz
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Acc 557 week 8 quiz

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  • 1. PLEASE DOWNLOAD HERE1-Multiple Choice Question 123Ranier Company is authorized to issue 10,000 shares of 8%, $100 parvalue preferred stock and 500,000 shares of no-par common stock with astated value of $1 per share. If Ranier issues 5,000 shares of preferredstock for land with an asking price of $600,000 and a market value of$540,000, which of the following would be the journal entry for Ranier torecord?Land 540,000Preferred Stock 540,000Land 540,000Preferred Stock 500,000Paid-in Capital Excess of Par-Preferred 40,000Land 500,000Preferred Stock 500,000Land 600,000Preferred Stock 500,000Paid-in Capital in Excess of Par-Preferred 100,0002-Multiple Choice Question 181Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulativepreferred stock and 40,000 shares of $1 par value common stockoutstanding at December 31, 2013. There were no dividends declared in2012. The board of directors declares and pays a $120,000 dividend in2013. What is the amount of dividends received by the commonstockholders in 2013?$0
  • 2. $50,000$70,000$20,0003-Multiple Choice Question 201A net lossoccurs if operating expenses exceed cost of goods sold.is closed to Retained Earnings even if it would result in a debit balance.is closed to the paid-in capital account of the stockholders equity section ofthe balance sheet.is not closed to Retained Earnings if it would result in a debit balance.4-Multiple Choice Question 98Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. Thetotal issue of stock sold for $15 per share. The journal entry to recordthis transaction would include adebit to Cash for $60,000.credit to Common Stock for $60,000.credit to Common Stock for $112,500.credit to Paid-in Capital in Excess of Par for $112,500.5- Multiple Choice Question 169The per share amount normally assigned by the board of directors to alarge stock dividend isthe average price paid by stockholders on outstanding shares.the par or stated value of the stock.zero.the market value of the stock on the date of declaration.
  • 3. 6-IFRS Multiple Choice Question 345IFRS treats the purchase of treasury stock as any of the following excepta decrease to retained earnings.an increase to a contra equity account.a decrease to share premium.a decrease to share capital.7-Multiple Choice Question 246Additional paid-in capital includes all of the following except theamounts paid infor the par value of common stock.over par value.over stated value.from treasury stock.8-Multiple Choice Question 54Stockholders of a corporation directly electthe treasurer of the corporation.all of the employees of the corporation.the president of the corporation.the board of directors.9- Multiple Choice Question 126Which of the following is not a right or preference associated withpreferred stock?Preference to corporate assets in case of liquidation
  • 4. The right to voteTo receive dividends in arrears before common stockholders receivedividendsFirst claim to dividends10-Multiple Choice Question 197Restricting retained earnings for the cost of treasury stock purchased isalegal restriction.stock restriction.voluntary restriction.contractual restriction.11-Multiple Choice Question 115A company would not acquire treasury stockin order to reissue shares to officers.as an asset investment.in order to increase trading of the companys stock.to have additional shares available to use in acquisitions of other companies.12-Multiple Choice Question 121Brown Company has 1,000 shares of 6%, $100 par cumulative preferredstock outstanding at December 31, 2013. No dividends have been paidon this stock for 2012 or 2013. Dividends in arrears at December 31,2013 total$0.$600.
  • 5. $6,000.$12,000.13-Multiple Choice Question 87If stock is issued for less than par value, the accountPaid-In Capital in Excess of Par is debited if a debit balance exists in theaccount.Paid-In Capital in Excess of Par is debited if a credit balance exists in theaccount.Paid-In Capital in Excess of Par is credited.Retained Earnings is credited.14-Multiple Choice Question 83When stock is issued for legal services, the transaction is recorded bydebiting Organization Expense for thepar value of the stock.market value of the stock.book value of the stock.stated value of the stock.15-Multiple Choice Question 160Win, Inc. has 10,000 shares of 7%, $100 par value, cumulative preferredstock and 100,000 shares of $1 par value common stock outstanding atDecember 31, 2013. If the board of directors declares a $60,000 dividend,the$60,000 will be held as restricted retained earnings and paid out at somefuture date.
  • 6. preferred shareholders will receive 1/10th of what the common shareholderswill receive.preferred shareholders will receive the entire $60,000.preferred shareholders will receive $30,000 and the common shareholders willreceive $30,000.

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