Question 1

Match the following stockholder's equity concepts to the best answer.

Accepted Answer

The answer of Match the following stockholder's equity concepts to...

Question 2

Match the value to the appropriate account. For the year ended 2012 ABC had the following transactions:
- issued 10,000 shares of $2.00 par value common stock for $12.00 per share
- issued 3,000 shares of $50 par value 6% preferred stock for $70 per share
- purchased 1000 shares of previously issued common stock for $15.00 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.

Accepted Answer

The answer of Match the value to the appropriate account....

Question 3

A company had stock outstanding as follows during each of its first three years of operations: 2,500 shares of $10, $100 par, cumulative preferred stock and 50,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per share dividends for each class of stock for each year by completing the schedule.

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Question 4

The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date.

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The answer of The dates of importance in connection with...

Question 5

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.

Accepted Answer

The answer of On April 10, Maranda Corporation issued for...

Question 6

Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:
  Determine the dividends per share for preferred and common stock for each year.

Accepted Answer

The answer of Sabas Company has 20,000 shares of $100...

Question 7

On February 1 of the current year, Motor, Inc. issued 700 shares of $2 par common stock to an attorney in return for preparing and filing the Articles of Incorporation. The value of the services is $9,600. Journalize this transaction.

Accepted Answer

The answer of On February 1 of the current year,...

Question 8

On May 10, a company issued for cash 1,500 shares of no-par common stock (with a stated value of $2) at $14, and on May 15, it issued for cash 2,000 shares of $15 par preferred stock at $58.
Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value.

Accepted Answer

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Question 9

A corporation, which had 18,000 shares of common stock outstanding, declared a 3-for-1 stock split.

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Question 10

Sabas Company has 40,000 shares of $100 par, 1% preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:
  Determine the dividends per share for preferred and common stock for each year.

Accepted Answer

The answer of Sabas Company has 40,000 shares of $100...

Question 11

Vincent Corporation has 100,000 share of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 5% stock dividend to be issued on July 30 to stockholders of record July 15. The market price of the stock was $132 a share on June 30. Journalize the entries required on June 30, July 15 and July 30.

Accepted Answer

The answer of Vincent Corporation has 100,000 share of $100...

Question 12

Indicate whether the following actions would (+) increase, (-) decrease, or (0) not affect a company's total assets, liabilities, and stockholders' equity.

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Question 13

Prepare entries to record the following:

Accepted Answer

The answer of Prepare entries to record the following:
 ...

Question 14

Morocco Inc. reported the following results for the year ending April 30, 2014:
  Prepare a retained earnings statement for the fiscal year ended April 30, 2014.

Accepted Answer

The answer of Morocco Inc. reported the following results for...

Question 15

On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current market price of $73. Journalize this transaction.

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Question 16

Sabas Company has 20,000 shares of $100 par, 1% non-cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:
  Determine the dividends per share for preferred and common stock for each year.

Accepted Answer

The answer of Sabas Company has 20,000 shares of $100...

Question 17

Prepare entries to record the following:

Accepted Answer

The answer of Prepare entries to record the following:
 ...

Question 18

On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. Journalize the entries for April 1 and 7.

Accepted Answer

The answer of On April 1, 10,000 shares of $5...

Question 19

On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of $50 par preferred stock were issued at $111. Journalize the entries for May 1 and May 7.

Accepted Answer

The answer of On May 1, 10,000 shares of $10...

Question 20

A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of $4 preferred stock, $12 par, and 100,000 shares of $3 par common stock.
The following selected transactions were completed during the first year of operations:
  Required: Journalize the transactions.

Accepted Answer

The answer of A corporation was organized on January 1...

Quiz 13: Corporations: Organization, Stock Transactions, and Dividends

Match the following stockholder's equity concepts to the best answer.

The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date.

Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Determine the dividends per share for preferred and common stock for each year.

On February 1 of the current year, Motor, Inc. issued 700 shares of $2 par common stock to an attorney in return for preparing and filing the Articles of Incorporation. The value of the services is $9,600. Journalize this transaction.

A corporation, which had 18,000 shares of common stock outstanding, declared a 3-for-1 stock split.

Sabas Company has 40,000 shares of $100 par, 1% preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Determine the dividends per share for preferred and common stock for each year.

Indicate whether the following actions would (+) increase, (-) decrease, or (0) not affect a company's total assets, liabilities, and stockholders' equity.

Prepare entries to record the following:

Morocco Inc. reported the following results for the year ending April 30, 2014: Prepare a retained earnings statement for the fiscal year ended April 30, 2014.

On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current market price of $73. Journalize this transaction.

Sabas Company has 20,000 shares of $100 par, 1% non-cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Determine the dividends per share for preferred and common stock for each year.

Prepare entries to record the following:

On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. Journalize the entries for April 1 and 7.

On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of $50 par preferred stock were issued at $111. Journalize the entries for May 1 and May 7.