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ACC 556 WEEK 7 HOMEWORK CHAPTER 11
• Question 1
A corporation is not an entity that is separate and distinct from its owners. •
Question 2
A stockholder has the right to vote in the election of the board of directors.
Question 3
The acquisition of treasury stock by a corporation increases total assets and total stockholders’
equity.
• Question 4
Cash dividends are not a liability of the corporation until they are declared by the board of directors.
• Question 5
A detailed stockholders’ equity section in the balance sheet will list the names of individuals who are
eligible to receive dividends on the date of record.
• Question 6
Under the corporate form of business organization
• Question 7
Which of the following statements reflects the transferability of ownership rights in a corporation?
• Question 8

2. If a stockholder cannot attend a stockholders’ meeting, he may delegate his voting rights by means
of a(n)
• Question 9
If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account
• Question 10
Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common
stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the
common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden
Packaging would report
• Question 11
The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $ 1,200
Based on the data, how many shares of common stock are issued?
• Question 12
Which of the following is not a right or preference associated with preferred stock?
• Question 13
All of the following statements about preferred stock are true except
Question 14
The board of directors of Benson Company declared a cash dividend of $1.50 per share on 42,000
shares of common stock on July 15, 2014. The dividend is to be paid on August 15, 2014, to
stockholders of record on July 31, 2014. The effects of the journal entry to record the payment of the
dividend on August 15, 2014, are to
• Question 15
Which of the following statements is not true about a 2-for-1 split?
• Question 16
The following selected amounts are available for Thomas Company.
Retained earnings (beginning) $2,500
Net loss 200

3. Cash dividends declared 200
Stock dividends declared 200
What is its ending Retained Earnings balance?
• Question 17
In the stockholders’ equity section of the balance sheet
• Question 18
Herman Corporation had net income of $120,000 and paid dividends of $24,000 to common
stockholders and $20,000 to preferred stockholders in 2014. Herman Corporation’s common
stockholders’ equity at the beginning and end of 2014 was $450,000 and $550,000, respectively.
Herman Corporation’s payout ratio for 2014 is
• Question 19
Which of the following statements is true regarding corporate performance ratios?
• Question 20
Match the items below by entering the appropriate code letter in the space provided.
o
Question Selected Match
The chief accounting officer. F.
Controller
A debit balance in retained earnings. A.
Deficit
Measures the percentage of earnings distributed in the form of dividends to common stockholders.
C.
Payout ratio
A pro rata distribution of the corporation’s own stock to stockholders. E.
Stock dividend
The date the board of directors formally declares a dividend. G.
Declaration date
Enables stockholders to maintain their same percentage ownership when new shares are issued.
D.

4. Preemptive right
The amount assigned to each share of stock in the corporate charter.H.
Par value
The amount that must be retained in the business for the protection of creditors. J.
Legal capital
Corporation’s own stock that has been reacquired by the corporation but not retired. I.
Treasury stock
Preferred stockholders have a right to receive current and unpaid prior-year dividends before
common stockholders receive any dividends. B.
Cumulative feature
o
• Question 1
1 out of 1 points
A corporation is not an entity that is separate and distinct from its owners.
Selected Answer: False
• Question 2
1 out of 1 points
A stockholder has the right to vote in the election of the board of directors.
Selected Answer: True
• Question 3
1 out of 1 points

5. The acquisition of treasury stock by a corporation increases total assets and total
stockholders’ equity.
Selected Answer: False
• Question 4
1 out of 1 points
Cash dividends are not a liability of the corporation until they are declared by the board of
directors.
Selected Answer: True
• Question 5
1 out of 1 points
A detailed stockholders’ equity section in the balance sheet will list the names of individuals
who are eligible to receive dividends on the date of record.
Selected Answer: False
• Question 6
1 out of 1 points
Under the corporate form of business organization
Selected Answer: the corporation’s life is stipulated in its charter.
• Question 7
1 out of 1 points
Which of the following statements reflects the transferability of ownership rights in a
corporation?

6. Selected Answer: A stockholder may dispose of part or all of his shares.
• Question 8
1 out of 1 points
If a stockholder cannot attend a stockholders’ meeting, he may delegate his voting rights by
means of a(n)
Selected Answer: proxy.
• Question 9
1 out of 1 points
If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the
account
Selected Answer: Paid-in Capital in Excess of Par Value will be credited for $120,000.
• Question 10
1 out of 1 points
Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par
common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year
end, the common stock had a market value of $10. On its December 31, 2014 balance sheet,
Holden Packaging would report
Selected Answer: Common Stock of $400,000.
• Question 11
1 out of 1 points
The following data is available for BOX Corporation at December 31, 2014:

7. Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $ 1,200
Based on the data, how many shares of common stock are issued?
Selected Answer: 25,000.
• Question 12
1 out of 1 points
Which of the following is not a right or preference associated with preferred stock?
Selected Answer: The right to vote.
• Question 13
1 out of 1 points
All of the following statements about preferred stock are true except
Selected Answer: there can be only one class of preferred stock.
• Question 14
1 out of 1 points
The board of directors of Benson Company declared a cash dividend of $1.50 per share on
42,000 shares of common stock on July 15, 2014. The dividend is to be paid on August 15, 2014, to
stockholders of record on July 31, 2014. The effects of the journal entry to record the payment of the
dividend on August 15, 2014, are to
Selected Answer: decrease liabilities and decrease assets.
• Question 15
1 out of 1 points

8. Which of the following statements is not true about a 2-for-1 split?
Selected Answer: Total contributed capital increases.
• Question 16
1 out of 1 points
The following selected amounts are available for Thomas Company.
Retained earnings (beginning) $2,500
Net loss 200
Cash dividends declared 200
Stock dividends declared 200
What is its ending Retained Earnings balance?
Selected Answer: $1,900.
• Question 17
1 out of 1 points
In the stockholders’ equity section of the balance sheet
Selected Answer: Additional Paid-in Capital appears under the sub-section paid-in
capital.
• Question 18
1 out of 1 points
Herman Corporation had net income of $120,000 and paid dividends of $24,000 to common
stockholders and $20,000 to preferred stockholders in 2014. Herman Corporation’s common

9. stockholders’ equity at the beginning and end of 2014 was $450,000 and $550,000, respectively.
Herman Corporation’s payout ratio for 2014 is
Selected Answer: 20%.
• Question 19
1 out of 1 points
Which of the following statements is true regarding corporate performance ratios?
Selected Answer: Return on common stockholder's equity is often higher under bond
financing rather than common stock financing.
• Question 20
10 out of 10 points
Match the items below by entering the appropriate code letter in the space provided.
o
Question Selected Match
The chief accounting officer. F.
Controller
A debit balance in retained earnings. A.
Deficit
Measures the percentage of earnings distributed in the form of dividends to common stockholders.
C.
Payout ratio
A pro rata distribution of the corporation’s own stock to stockholders. E.
Stock dividend
The date the board of directors formally declares a dividend. G.

10. Declaration date
Enables stockholders to maintain their same percentage ownership when new shares are issued.
D.
Preemptive right
The amount assigned to each share of stock in the corporate charter. H.
Par value
The amount that must be retained in the business for the protection of creditors. J.
Legal capital
Corporation’s own stock that has been reacquired by the corporation but not retired. I.
Treasury stock
Preferred stockholders have a right to receive current and unpaid prior-year dividends before
common stockholders receive any dividends. B.
Cumulative feature
o
• Question 1
1 out of 1 points
A corporation is not an entity that is separate and distinct from its owners.
Selected Answer: False
• Question 2
1 out of 1 points
A stockholder has the right to vote in the election of the board of directors.
Selected Answer: True

11. • Question 3
1 out of 1 points
The acquisition of treasury stock by a corporation increases total assets and total
stockholders’ equity.
Selected Answer: False
• Question 4
1 out of 1 points
Cash dividends are not a liability of the corporation until they are declared by the board of
directors.
Selected Answer: True
• Question 5
1 out of 1 points
A detailed stockholders’ equity section in the balance sheet will list the names of individuals
who are eligible to receive dividends on the date of record.
Selected Answer: False
• Question 6
1 out of 1 points
Under the corporate form of business organization
Selected Answer: the corporation’s life is stipulated in its charter.
• Question 7

12. 1 out of 1 points
Which of the following statements reflects the transferability of ownership rights in a
corporation?
Selected Answer: A stockholder may dispose of part or all of his shares.
• Question 8
1 out of 1 points
If a stockholder cannot attend a stockholders’ meeting, he may delegate his voting rights by
means of a(n)
Selected Answer: proxy.
• Question 9
1 out of 1 points
If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the
account
Selected Answer: Paid-in Capital in Excess of Par Value will be credited for $120,000.
• Question 10
1 out of 1 points
Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par
common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year
end, the common stock had a market value of $10. On its December 31, 2014 balance sheet,
Holden Packaging would report
Selected Answer: Common Stock of $400,000.
• Question 11

13. 1 out of 1 points
The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $ 1,200
Based on the data, how many shares of common stock are issued?
Selected Answer: 25,000.
• Question 12
1 out of 1 points
Which of the following is not a right or preference associated with preferred stock?
Selected Answer: The right to vote.
• Question 13
1 out of 1 points
All of the following statements about preferred stock are true except
Selected Answer: there can be only one class of preferred stock.
• Question 14
1 out of 1 points
The board of directors of Benson Company declared a cash dividend of $1.50 per share on
42,000 shares of common stock on July 15, 2014. The dividend is to be paid on August 15, 2014, to
stockholders of record on July 31, 2014. The effects of the journal entry to record the payment of the
dividend on August 15, 2014, are to
Selected Answer: decrease liabilities and decrease assets.

14. • Question 15
1 out of 1 points
Which of the following statements is not true about a 2-for-1 split?
Selected Answer: Total contributed capital increases.
• Question 16
1 out of 1 points
The following selected amounts are available for Thomas Company.
Retained earnings (beginning) $2,500
Net loss 200
Cash dividends declared 200
Stock dividends declared 200
What is its ending Retained Earnings balance?
Selected Answer: $1,900.
• Question 17
1 out of 1 points
In the stockholders’ equity section of the balance sheet
Selected Answer: Additional Paid-in Capital appears under the sub-section paid-in
capital.
• Question 18
1 out of 1 points

15. Herman Corporation had net income of $120,000 and paid dividends of $24,000 to common
stockholders and $20,000 to preferred stockholders in 2014. Herman Corporation’s common
stockholders’ equity at the beginning and end of 2014 was $450,000 and $550,000, respectively.
Herman Corporation’s payout ratio for 2014 is
Selected Answer: 20%.
• Question 19
1 out of 1 points
Which of the following statements is true regarding corporate performance ratios?
Selected Answer: Return on common stockholder's equity is often higher under bond
financing rather than common stock financing.
• Question 20
10 out of 10 points
Match the items below by entering the appropriate code letter in the space provided.
o
Question Selected Match
The chief accounting officer. F.
Controller
A debit balance in retained earnings. A.
Deficit
Measures the percentage of earnings distributed in the form of dividends to common stockholders.
C.
Payout ratio
A pro rata distribution of the corporation’s own stock to stockholders. E.

16. Stock dividend
The date the board of directors formally declares a dividend. G.
Declaration date
Enables stockholders to maintain their same percentage ownership when new shares are issued.
D.
Preemptive right
The amount assigned to each share of stock in the corporate charter. H.
Par value
The amount that must be retained in the business for the protection of creditors. J.
Legal capital
Corporation’s own stock that has been reacquired by the corporation but not retired. I.
Treasury stock
Preferred stockholders have a right to receive current and unpaid prior-year dividends before
common stockholders receive any dividends. B.
Cumulative feature
o
• Question 1
1 out of 1 points
A corporation is not an entity that is separate and distinct from its owners.
Selected Answer: False
• Question 2
1 out of 1 points
A stockholder has the right to vote in the election of the board of directors.
Selected Answer: True

17. • Question 3
1 out of 1 points
The acquisition of treasury stock by a corporation increases total assets and total
stockholders’ equity.
Selected Answer: False
• Question 4
1 out of 1 points
Cash dividends are not a liability of the corporation until they are declared by the board of
directors.
Selected Answer: True
• Question 5
1 out of 1 points
A detailed stockholders’ equity section in the balance sheet will list the names of individuals
who are eligible to receive dividends on the date of record.
Selected Answer: False
• Question 6
1 out of 1 points
Under the corporate form of business organization
Selected Answer: the corporation’s life is stipulated in its charter.

18. • Question 7
1 out of 1 points
Which of the following statements reflects the transferability of ownership rights in a
corporation?
Selected Answer: A stockholder may dispose of part or all of his shares.
• Question 8
1 out of 1 points
If a stockholder cannot attend a stockholders’ meeting, he may delegate his voting rights by
means of a(n)
Selected Answer: proxy.
• Question 9
1 out of 1 points
If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the
account
Selected Answer: Paid-in Capital in Excess of Par Value will be credited for $120,000.
• Question 10
1 out of 1 points
Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par
common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year
end, the common stock had a market value of $10. On its December 31, 2014 balance sheet,
Holden Packaging would report
Selected Answer: Common Stock of $400,000.

19. • Question 11
1 out of 1 points
The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $ 1,200
Based on the data, how many shares of common stock are issued?
Selected Answer: 25,000.
• Question 12
1 out of 1 points
Which of the following is not a right or preference associated with preferred stock?
Selected Answer: The right to vote.
• Question 13
1 out of 1 points
All of the following statements about preferred stock are true except
Selected Answer: there can be only one class of preferred stock.
• Question 14
1 out of 1 points
The board of directors of Benson Company declared a cash dividend of $1.50 per share on
42,000 shares of common stock on July 15, 2014. The dividend is to be paid on August 15, 2014, to
stockholders of record on July 31, 2014. The effects of the journal entry to record the payment of the
dividend on August 15, 2014, are to

20. Selected Answer: decrease liabilities and decrease assets.
• Question 15
1 out of 1 points
Which of the following statements is not true about a 2-for-1 split?
Selected Answer: Total contributed capital increases.
• Question 16
1 out of 1 points
The following selected amounts are available for Thomas Company.
Retained earnings (beginning) $2,500
Net loss 200
Cash dividends declared 200
Stock dividends declared 200
What is its ending Retained Earnings balance?
Selected Answer: $1,900.
• Question 17
1 out of 1 points
In the stockholders’ equity section of the balance sheet
Selected Answer: Additional Paid-in Capital appears under the sub-section paid-in
capital.
• Question 18

21. 1 out of 1 points
Herman Corporation had net income of $120,000 and paid dividends of $24,000 to common
stockholders and $20,000 to preferred stockholders in 2014. Herman Corporation’s common
stockholders’ equity at the beginning and end of 2014 was $450,000 and $550,000, respectively.
Herman Corporation’s payout ratio for 2014 is
Selected Answer: 20%.
• Question 19
1 out of 1 points
Which of the following statements is true regarding corporate performance ratios?
Selected Answer: Return on common stockholder's equity is often higher under bond
financing rather than common stock financing.
• Question 20
10 out of 10 points
Match the items below by entering the appropriate code letter in the space provided.
o
Question Selected Match
The chief accounting officer. F.
Controller
A debit balance in retained earnings. A.
Deficit
Measures the percentage of earnings distributed in the form of dividends to common stockholders.
C.
Payout ratio

22. A pro rata distribution of the corporation’s own stock to stockholders. E.
Stock dividend
The date the board of directors formally declares a dividend. G.
Declaration date
Enables stockholders to maintain their same percentage ownership when new shares are issued.
D.
Preemptive right
The amount assigned to each share of stock in the corporate charter. H.
Par value
The amount that must be retained in the business for the protection of creditors. J.
Legal capital
Corporation’s own stock that has been reacquired by the corporation but not retired. I.
Treasury stock
Preferred stockholders have a right to receive current and unpaid prior-year dividends before
common stockholders receive any dividends. B.
Cumulative feature
o
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