Exam 5: Corporate Reporting: Income, earnings Per Share, and Retained Earnings

The act of a corporation to call in its shares and issue one new share in the place of more than one share previously outstanding is a

(Multiple Choice)

4.9/5

(90)

Question 41

A share dividend reduces the number of previously outstanding shares.

(True/False)

4.9/5

(78)

Question 42

Item(s)that would be included in other comprehensive income include

(Multiple Choice)

4.8/5

(89)

Question 43

Earnings per share is the amount of income earned by each share of a company's outstanding common shares.

(True/False)

4.7/5

(79)

Question 44

The journal entry to record $10,000 in a share dividend on the declaration date can include a debit to cash dividends declared and a credit to dividends payable.

(True/False)

4.7/5

(73)

Question 45

Share dividends are recorded at market value.

(True/False)

4.9/5

(79)

Question 46

Quadrant Corporation originally issued its common shares at $45 per share. (1)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $25 per share. (2)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $75 per share.Quadrant has $12,000 in contributed capital from the previous retirement of common shares. Common Shares (600*45) 27,000 Contributed Capital from the Retirement of Common Shares 12,000 Cash 15,000

(Essay)

4.9/5

(72)

Question 47

A change in accounting policy will be presented on the:

(Multiple Choice)

4.8/5

(96)

Question 48

If a company's activities include operations that are being discontinued,the income or loss effects of the discontinued operations are included on the income statement in income from continuing operations.

(True/False)

5.0/5

(77)

Question 49

Failure to record the declaration and distribution of a share dividend would

(Multiple Choice)

4.8/5

(84)

Question 50

A share dividend is a corporation's distribution of its own shares to its shareholders without receiving any payment in return.

(True/False)

4.8/5

(78)

Question 51

Kriton Corporation had net income of $375,000 and paid preferred dividends of $80,000.Kriton had 50,000 common shares outstanding.Calculate the earnings per share.

(Short Answer)

4.9/5

(88)

Question 52

The amount of income earned by each outstanding common share of a corporation is known as

(Multiple Choice)

4.9/5

(83)

Question 53

After using an expected useful life of seven years and no residual value to depreciate its machine over the preceding two years,a company decided early this year that the machine would last only three more years.The change in accounting estimate results in an adjustment to ending retained earnings for the prior period with no impact on any future periods.

(True/False)

4.8/5

(72)

Question 54

The Sweet Sleep Corp.equity on January 1 was as follows: common shares,unlimited shares authorized,150,000 shares issued and outstanding; retained earnings,$600,000.Prepare journal entries to record the following transactions:

(Essay)

4.9/5

(74)

Question 55

A share split affects total equity as reported on the balance sheet.

(True/False)

4.9/5

(82)

Question 56

For each of the following independent situations,present the necessary journal entry:

(Essay)

4.7/5

(76)

Question 57

Shares that are reacquired and are not cancelled by the issuing corporation are called

(Multiple Choice)

4.9/5

(83)

Question 58

A share split decreases the market price of the company shares.

(True/False)

4.8/5

(96)

Question 59

A share dividend capitalizes retained earnings because it decreases a company's contributed capital.

(True/False)

4.8/5

(81)

Question 60

Showing 41 - 60 of 66

The act of a corporation to call in its shares and issue one new share in the place of more than one share previously outstanding is a

A share dividend reduces the number of previously outstanding shares.

Item(s)that would be included in other comprehensive income include

Earnings per share is the amount of income earned by each share of a company's outstanding common shares.

The journal entry to record $10,000 in a share dividend on the declaration date can include a debit to cash dividends declared and a credit to dividends payable.

Share dividends are recorded at market value.

A change in accounting policy will be presented on the:

If a company's activities include operations that are being discontinued,the income or loss effects of the discontinued operations are included on the income statement in income from continuing operations.

Failure to record the declaration and distribution of a share dividend would

A share dividend is a corporation's distribution of its own shares to its shareholders without receiving any payment in return.

Kriton Corporation had net income of $375,000 and paid preferred dividends of $80,000.Kriton had 50,000 common shares outstanding.Calculate the earnings per share.

The amount of income earned by each outstanding common share of a corporation is known as

The Sweet Sleep Corp.equity on January 1 was as follows: common shares,unlimited shares authorized,150,000 shares issued and outstanding; retained earnings,$600,000.Prepare journal entries to record the following transactions:

A share split affects total equity as reported on the balance sheet.

For each of the following independent situations,present the necessary journal entry:

Shares that are reacquired and are not cancelled by the issuing corporation are called

A share split decreases the market price of the company shares.

A share dividend capitalizes retained earnings because it decreases a company's contributed capital.

Property, plant and Equipment Intangibles

Current Liabilities

Partnerships

Organization and Operation of Corporations

Bonds and Long-Term Notes Payable

Accounting for Debt and Share Investments

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Filters