A) stock previously paid for in full by a stockholder,then repurchased by the issuing corporation. B) donated by stockholders. C) always preferred stock. D) categorized under Paid-in Capital on the balance sheet and added to preferred and common stock. A) stock previously paid for in full by a stockholder,then repurchased by the issuing corporation. B) donated by stockholders. C) always preferred stock. D) categorized under Paid-in Capital on the balance sheet and added to preferred and common stock.

Exam 21: Corporate Earnings and Capital Transactions

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On the worksheet for the current year ended Dec 31,column totals in the Income Statement section are debit,$179,000 and credit $224,000.Assuming income and deductions for tax purposes are the same as those for financial reporting and the company has paid estimated taxes of $5,000 to date.Tax rates remain 15% for the first $50,000;25% on the next 25,000;34% on the next $25,000 and 39% on the excess over $100,000.Prepare the adjusting entry for income taxes.

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Question 81

The worksheet for a corporation and a sole proprietorship are almost identical.The major difference is the

(Multiple Choice)

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Question 82

The Dividends Payable account appears on the balance sheet as a(n)____________________ liability.

(Essay)

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Question 83

A corporation's own capital stock that has been reacquired is called ____________________ stock.

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Question 84

A corporation may report net income for federal income tax purposes at an amount different from the amount reported for financial accounting purposes.

(True/False)

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Question 85

Which of the following statements regarding the income statements of corporations is not correct?

(Multiple Choice)

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Question 86

Under MACRS depreciation,a corporation receives a tax benefit in the current year higher than the deduction reflected on the financial statements causing deferred taxes payable to increase.

(True/False)

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Question 87

When a corporation reacquires its own shares of stock,

(Multiple Choice)

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Question 88

The ____________________ value of each share of stock is the total equity applicable to the class of stock divided by the number of shares outstanding.

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Question 89

When treasury stock is purchased,the Treasury Stock account is debited for the entire amount paid for the stock.

(True/False)

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Question 90

Treasury stock is

(Multiple Choice)

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Question 91

The adjustment for the amount of future taxes to be paid as a result of the MACRS depreciation deduction taken in this and prior years is recorded with a debit to

(Multiple Choice)

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Question 92

A corporation has paid estimated income taxes of $57,500 during the year 2016.At the end of the year,the corporation's tax bill is computed to be $52,100.Record the entry to adjust the Income Tax Expense account on page 6 of a general journal.Omit the description.

(Essay)

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Question 93

Property that is received as a gift should be recorded in the corporation's records at the asset's fair market value.

(True/False)

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Question 94

A corporation has paid estimated income taxes of $52,100 during the year 2016.At the end of the year,the corporation's tax bill is computed to be $57,500.Record the entry to adjust the Income Tax Expense account on page 6 of a general journal.Omit the description.

(Essay)

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Question 95

A declaration and distribution of a 20 percent stock dividend on common stock will

(Multiple Choice)

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Question 96

Which of the following statements is not correct?

(Multiple Choice)

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Question 97

Gender Corporation declared and issued a 10% stock dividend on December 1.Prior to the declaration,Gender's retained earnings were $200,000,shares outstanding were 20,000,$5 par value,common stock with a current market value of $10 per share.Contributed capital will increase (decrease)as a result of recording this stock dividend by:

(Multiple Choice)

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Question 98

A corporation reacquired 400 shares of its $100 par-value common stock for $105 a share.The entry to record this transaction includes a

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Question 99

Showing 81 - 99 of 99

Exam 21: Corporate Earnings and Capital Transactions

The worksheet for a corporation and a sole proprietorship are almost identical.The major difference is the

The Dividends Payable account appears on the balance sheet as a(n)____________________ liability.

A corporation's own capital stock that has been reacquired is called ____________________ stock.

A corporation may report net income for federal income tax purposes at an amount different from the amount reported for financial accounting purposes.

Which of the following statements regarding the income statements of corporations is not correct?

Under MACRS depreciation,a corporation receives a tax benefit in the current year higher than the deduction reflected on the financial statements causing deferred taxes payable to increase.

When a corporation reacquires its own shares of stock,

The ____________________ value of each share of stock is the total equity applicable to the class of stock divided by the number of shares outstanding.

When treasury stock is purchased,the Treasury Stock account is debited for the entire amount paid for the stock.

Treasury stock is

The adjustment for the amount of future taxes to be paid as a result of the MACRS depreciation deduction taken in this and prior years is recorded with a debit to

A corporation has paid estimated income taxes of $57,500 during the year 2016.At the end of the year,the corporation's tax bill is computed to be $52,100.Record the entry to adjust the Income Tax Expense account on page 6 of a general journal.Omit the description.

Property that is received as a gift should be recorded in the corporation's records at the asset's fair market value.

A corporation has paid estimated income taxes of $52,100 during the year 2016.At the end of the year,the corporation's tax bill is computed to be $57,500.Record the entry to adjust the Income Tax Expense account on page 6 of a general journal.Omit the description.

A declaration and distribution of a 20 percent stock dividend on common stock will

Which of the following statements is not correct?

A corporation reacquired 400 shares of its $100 par-value common stock for $105 a share.The entry to record this transaction includes a

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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