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Exam 11: Corporate Reporting and Analysis

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Question 111

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A liquidating dividend is:

A) Only declared when a corporation closes down.
B) A return of a portion of the capital contributed back to the stockholders.
C) Not allowed under federal law.
D) Only paid in assets other than cash.
E) Only paid in shares of stock.

F) A) and E)
G) B) and E)

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Question 112

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What are the rights generally granted to common stockholders?

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Common stockholders generally have the r...

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Question 113

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A corporation had stockholders' equity on January 1 as follows: Common Stock,$1 par value,1,500,000 shares authorized,600,000 shares issued; Paid-in Capital in Excess of Par Value,Common Stock,$1,100,000; Retained Earnings,$2,300,000.Prepare journal entries to record the following transactions:

Fargo Company's outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 3,000 shares of common stock with a $1 par value.During the first three years of operation,the corporation declared and paid the following total cash dividends. -The total amount of dividends paid to preferred and common shareholders over the three-year period is:

A corporation reports the following year-end stockholders' equity: Determine the following: (1)Par value for the preferred stock. (2)Book value per share for common stock

Mayan Company had net income of $132,000.The weighted-average common shares outstanding were 80,000.The company has no preferred stock.The company's earnings per share is:

Changes in accounting estimates are accounted for in current and future periods.

Explain the difference between a large stock dividend and a small stock dividend.In addition,explain how to record these two types of stock dividends.

A corporation's distribution of additional shares of its own stock to its stockholders without the receipt of any payment in return is called a:

Gracey's Department Stores has $200,000 of 6% noncumulative,nonparticipating,preferred stock outstanding.Gracey's also has $600,000 of common stock outstanding.During its first year,the company paid cash dividends of $30,000.This dividend should be distributed as follows:

Treasury stock is classified as:

Changes in accounting estimates are:

The price-earnings ratio reveals information about the stock market's expectations for a company's future earnings growth.

A company has $2,400,000 in stockholders' equity that includes 500 shares of $50 par value preferred stock outstanding and 250,000 shares of common stock outstanding.Calculate the book value per (1)preferred share,and (2)common share.

Boron Company is authorized to issue 50,000 shares of $50 par value,8%,cumulative,fully participating preferred stock,and 750,000 shares of $5 par value common stock.Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations:

Dividing stockholders' equity applicable to common shares by the number of common shares outstanding yields the book value per common share.

Stated value stock is no-par stock that is assigned a "stated" value per share.

A company issued 60 shares of $100 par value common stock for $7,000 cash.The total amount of paid-in capital is:

A stock split is the distribution of additional shares of stock to stockholders according to their percent of ownership.

A company reported the following stockholders' equity on January 1 of the current year: Prepare journal entries for the following selected transactions related to this company's stock during the current year: