87.
Davidson Company has 10,000,000 common shares issued and 500,000 shares of treasury
stock. The stock’s par value is $2 per share and its current market price is $25 per share.
Which of the following is correct when a 15% stock dividend is declared and distributed?
88.
Which of the following transactions does not result in an increase in stockholders’ equity?
89.
Which of the following statements does not correctly describe preferred stock?
90.
What is the correct entry for the sale of 1,000 shares of $10 par value preferred stock for
$50,000 cash?
91.
Which of the following does not correctly describe preferred stock?
92.
The following information is provided for Bold Company for the year 2017:
• Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2014-2016)
• Total dividends declared and paid in 2017 were $50,000.
How much of the 2017 dividend payment was paid to the preferred stockholders assuming
the preferred stock is cumulative?
93.
The following information is provided for Bold Company for the year 2017:
• Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2014-2016)
• Total dividends declared and paid in 2017 were $50,000.
How much of the 2017 dividend payment was paid to the common stockholders assuming the
preferred stock is cumulative?
94.
The following information is provided for Bold Company for the year 2017:
• Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2014-2016)
• Total dividends declared and paid in 2017 were $50,000.
How much of the 2017 dividend payment was paid to the preferred stockholders assuming
the preferred stock is noncumulative?
95.
The following information is provided for Bold Company for the year 2017:
• Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2014-2016)
• Total dividends declared and paid in 2017 were $50,000.
How much of the 2017 dividend payment was paid to the common stockholders assuming the
preferred stock is noncumulative?
96.
The following information is provided for Bold Company for the year 2017:
• Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2014-2016)
• Total dividends declared and paid in 2017 were $50,000.
Assuming the preferred stock is cumulative, what amount of the 2017 dividend declaration for
dividends in arrears was recorded with a debit to the Dividends payable account on the date
of declaration?
97.
The following information is provided for Bold Company for the year 2017:
• Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2014-2016)
• Total dividends declared and paid in 2017 were $50,000.
Assuming the preferred stock is noncumulative, what amount of the 2017 dividend
declaration for the amount of dividends in arrears was recorded with a credit to the Dividends
payable account on the date of declaration?
98.
The following information is provided for Slickers, Inc. for year 2016:
• Preferred stock, 7%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for 2014 and 2015
• Total dividends declared and paid during 2016 totaled $25,000
How much of the dividend was paid to the preferred stockholders during 2016 assuming the
preferred stock is cumulative?
99.
The following information is provided for Slickers, Inc. for year 2016:
• Preferred stock, 7%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for 2014 and 2015
• Total dividends declared and paid during 2016 totaled $25,000
How much of the dividend was paid to the preferred stockholders during 2016 assuming the
preferred stock is noncumulative?
100.
The following information is provided for Slickers, Inc. for year 2016:
• Preferred stock, 7%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for 2014 and 2015
• Total dividends declared and paid during 2016 totaled $25,000
How much of the dividend was paid to the common stockholders during 2016 assuming the
preferred stock is noncumulative?
101.
The following information is provided for Slickers, Inc. for year 2016:
• Preferred stock, 7%, $50 par value, 1,000 shares issued and outstanding
• Common stock, $100 par value, 2,000 shares issued and outstanding
• Dividends in arrears for 2014 and 2015
• Total dividends declared and paid during 2016 totaled $25,000
How much of the dividend is paid to the common stockholders during 2016 assuming the
preferred stock is cumulative?
102.
Which of the following is a correct statement about cumulative and noncumulative preferred
stock?
103.
What would be the title for the common stock account on a balance sheet prepared using
International Financial Reporting Standards (IFRS)?
104.
Which of the following statements is not correct?
105.
Which of the following statements is not correct?
106.
Which of the following is not a primary advantage of a general partnership relative to a
corporation?
107.
Bob Jones is a sole proprietor who began his business in 2016 with $20,000 cash. During the
year 2016, he earned revenues of $180,000, incurred expenses of $75,000, and withdrew
$120,000. Which of the following is true for the sole proprietorship?
108.
Which of the following is true about a sole proprietorship?
109.
Which of the following statements is true about a partnership?
110.
Which of the following statements is true about partnership accounting?
111.
The charter of Delta Corporation specified a maximum of 25,000 shares of common stock. At
the current date, 5,000 shares remain unissued, and 2,000 of the issued shares have been
repurchased and are still held by Delta.
Required:
Calculate the number of shares that are:
A. Authorized
B. Issued
C. Held in the treasury
D. Outstanding