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  3. Strayer ACC 557 Week 8 Chapter 11 Quiz 

Strayer ACC 557 Week 8 Chapter 11 Quiz

This Tutorial contains All possible Questions from this chapter

Question no 1

Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock 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 to record?

  • Land 540,000
    Preferred Stock 540,000
  • Land 540,000
    Preferred Stock 500,000
    Paid-in Capital Excess of Par-Preferred 40,000
  • Land 500,000
    Preferred Stock 500,000
  • Land 600,000
    Preferred Stock 500,000
    Paid-in Capital in Excess of Par-Preferred 100,000

Question no  2

Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2013. There were no dividends declared in 2012. The board of directors declares and pays a $120,000 dividend in 2013. What is the amount of dividends received by the common stockholders in 2013?

  • $0
  • $50,000
  • $70,000
  • $20,000

Question no 3

A net loss

  • occurs 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 of the balance sheet.
  • is not closed to Retained Earnings if it would result in a debit balance.

Question no

Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a

  • debit 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.

Question no 5

The per share amount normally assigned by the board of directors to a large stock dividend is

  • the 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.

Question no 6

IFRS treats the purchase of treasury stock as any of the following except

  • a decrease to retained earnings.
  • an increase to a contra equity account.
  • a decrease to share premium.
  • a decrease to share capital.

Question no 7

Additional paid-in capital includes all of the following except the amounts paid in

  • for the par value of common stock.
  • over par value.
  • over stated value.
  • from treasury stock.

Question no 8

Stockholders of a corporation directly elect

  • the treasurer of the corporation.
  • all of the employees of the corporation.
  • the president of the corporation.
  • the board of directors
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Question no  9

Which of the following is not a right or preference associated with preferred stock?

  • Preference for corporate assets in case of liquidation
  • The right to vote
  • To receive dividends in arrears before common stockholders receive dividends
  • First claim to dividends

Question no 10

Restricting retained earnings for the cost of treasury stock purchased is a

  • legal restriction.
  • stock restriction.
  • voluntary restriction.
  • contractual restriction.

Question no 11

A company would not acquire treasury stock

  • in order to reissue shares to officers.
  • as an asset investment.
  • in order to increase trading of the company’s stock.
  • to have additional shares available to use in acquisitions of other companies.

Question no 12

Brown Company has 1,000 shares of 6%, $100 par cumulative preferred stock outstanding at December 31, 2013. No dividends have been paid on this stock for 2012 or 2013. Dividends in arrears at December 31, 2013 total

  • $0.
  • $600.
  • $6,000.
  • $12,000.

Question no 13

If stock is issued for less than par value, the account

  • Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.
  • Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.
  • Paid-In Capital in Excess of Par is credited.
  • Retained Earnings is credited.

Question no 14

When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the

  • par value of the stock.
  • market value of the stock.
  • book value of the stock.
  • stated value of the stock.

Question no 15

Win, Inc. has 10,000 shares of 7%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 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 some future date.

  • preferred shareholders will receive 1/10th of what the common shareholders will receive.
  • preferred shareholders will receive the entire $60,000.
  • preferred shareholders will receive $30,000 and the common shareholders will receive $30,000.
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