Exam 13: Accounting for Corporations

Fetzer Company declared a $0.55 per share cash dividend.The company has 200,000 shares authorized,190,000 shares issued,and 8,000 shares in treasury stock.The journal entry to record the payment of the dividend is:

A company issued 70 shares of $30 par value preferred stock for $4,000 cash.The journal entry to record the issuance is:

Stock that is retired is the same as authorized and unissued stock.

Preferred stock which confers rights to prior periods' unpaid dividends even if they were not declared is called:

The _______________________ protects stockholders' proportional interest in a corporation by allowing them to purchase their proportional share of any common stock later issued by the corporation.

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:

A corporation sold 14,000 shares of its $1 par value common stock at a cash price of $13 per share.The entry to record this transaction would include:

When preferred stock is cumulative and the directors either do not declare a dividend to preferred stockholders or declare one that does not cover the total amount of cumulative dividends,the unpaid amount is called ____________________________.

When a corporation has only one class of stock,the stock is called

A company paid $0.85 in cash dividends per share.Its earnings per share is $3.50,and its market price per share is $35.50.Its dividend yield equals:

Global Corporation had 50,000 shares of $20 par value common stock outstanding on July 1.Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27.The entry to record this dividend is:

Slate Corporation had the following balances in its stockholders' equity accounts at December 31,2015: The following transactions occurred during 2016: Based on the above information,prepare a statement of stockholders' equity for 2016.Use the form below.

A premium on common stock:

The following data has been collected about Keller Company's stockholders' equity accounts: Assuming the treasury shares were all purchased at the same price,the number of shares of treasury stock is:

Stated value stock is no-par stock that is assigned a value per share by the corporation's board of directors.

Treasury stock is stock that has been authorized,issued,and is outstanding.

A corporation issued 2,500 shares of its no par common stock at a cash price of $11 per share.The entry to record this transaction would be:

A corporation issued 100 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charter with the state.The entry to record this transaction will include:

Book value per share:

Dynasty Corporation had stockholders' equity on January 1 as follows: Common Stock,$5 par value,1,000,000 shares authorized,400,000 shares issued;Paid-in Capital in Excess of Par Value,Common Stock,$800,000;Retained Earnings,$3,600,000.Prepare journal entries to record the following transactions: