Exam 13: Corporations: Organization and Capital Stock Transactions

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The following selected transactions pertain to Nesley Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $22 per share. Feb. 10 Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. Nesley Corporation's common stock has been actively traded on the stock exchange at $25 per share. Instructions Journalize the transactions.

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Question 181

Which of the following factors does not affect the initial market price of a stock?

(Multiple Choice)

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Question 182

The number of common shares outstanding can never be greater than the number of shares issued.

(True/False)

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Question 183

On January 1, 2010, Fairly Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2010, the company purchased 6,000 shares of its common stock for $8 per share for the treasury. On June 1, 2010, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2010, 3,000 treasury shares are sold at $6 per share. Instructions Journalize the stock transactions of Fairly Company in 2010.

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Question 184

Legal capital per share cannot be equal to the

(Multiple Choice)

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Question 185

If a corporation has only one class of stock, it is referred to as

(Multiple Choice)

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Question 186

Burgess Corporation began business by issuing 200,000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $20,000. The year-end balance sheet would show

(Multiple Choice)

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Question 187

Which one of the following is a privately held corporation?

(Multiple Choice)

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Question 188

On July 6, XOT Corporation issued 2,000 shares of its $1.50 par common stock. The market price of the stock on that date was $17 per share. Journalize the issuance of the stock.

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Question 189

A corporation's own stock that has been reacquired by the corporation but not canceled is called _ and is deducted from total _____ on the balance sheet.

(Short Answer)

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Question 190

The following data is available for BOX Corporation at December 31, 2010: Common stock, par $10 (authorized 15,000 shares} $100,000 Treasury Stock (at cost $15 per share) 600 Based on the data, how many shares of common stock are outstanding?

(Multiple Choice)

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Question 191

The term residual claim refers to a stockholders' right to

(Multiple Choice)

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Question 192

The major advantages of the corporate form of organization include (1) limited _ of owners, (2) continuous and (3) ease of transferring ___.

(Short Answer)

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Question 193

Dailey Company is a publicly held corporation whose $1 par value stock is actively traded at $22 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $55,000. When recording this transaction, Dailey Company will

(Multiple Choice)

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Question 194

In the stockholders' equity section of the balance sheet, the classification of capital stock consists of

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Question 195

Showing 181 - 195 of 195

Which of the following factors does not affect the initial market price of a stock?

The number of common shares outstanding can never be greater than the number of shares issued.

Legal capital per share cannot be equal to the

If a corporation has only one class of stock, it is referred to as

Burgess Corporation began business by issuing 200,000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $20,000. The year-end balance sheet would show

Which one of the following is a privately held corporation?

On July 6, XOT Corporation issued 2,000 shares of its $1.50 par common stock. The market price of the stock on that date was $17 per share. Journalize the issuance of the stock.

A corporation's own stock that has been reacquired by the corporation but not canceled is called _ and is deducted from total _____ on the balance sheet.

The following data is available for BOX Corporation at December 31, 2010: Common stock, par $10 (authorized 15,000 shares} $100,000 Treasury Stock (at cost $15 per share) 600 Based on the data, how many shares of common stock are outstanding?

The term residual claim refers to a stockholders' right to

The major advantages of the corporate form of organization include (1) limited _ of owners, (2) continuous and (3) ease of transferring ___.

Dailey Company is a publicly held corporation whose $1 par value stock is actively traded at $22 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $55,000. When recording this transaction, Dailey Company will

In the stockholders' equity section of the balance sheet, the classification of capital stock consists of

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Filters

Exam 13: Corporations: Organization and Capital Stock Transactions

Which of the following factors does not affect the initial market price of a stock?

The number of common shares outstanding can never be greater than the number of shares issued.

Legal capital per share cannot be equal to the

If a corporation has only one class of stock, it is referred to as

Burgess Corporation began business by issuing 200,000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $20,000. The year-end balance sheet would show

Which one of the following is a privately held corporation?

On July 6, XOT Corporation issued 2,000 shares of its $1.50 par common stock. The market price of the stock on that date was $17 per share. Journalize the issuance of the stock.

A corporation's own stock that has been reacquired by the corporation but not canceled is called ___________________ and is deducted from total _______________________ on the balance sheet.

The following data is available for BOX Corporation at December 31, 2010: Common stock, par $10 (authorized 15,000 shares} $100,000 Treasury Stock (at cost $15 per share) 600 Based on the data, how many shares of common stock are outstanding?

The term residual claim refers to a stockholders' right to

The major advantages of the corporate form of organization include (1) limited _________________ of owners, (2) continuous ____________________ and (3) ease of transferring ___________________.

Dailey Company is a publicly held corporation whose $1 par value stock is actively traded at $22 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $55,000. When recording this transaction, Dailey Company will

In the stockholders' equity section of the balance sheet, the classification of capital stock consists of

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Filters

A corporation's own stock that has been reacquired by the corporation but not canceled is called _ and is deducted from total _____ on the balance sheet.

The major advantages of the corporate form of organization include (1) limited _ of owners, (2) continuous and (3) ease of transferring ___.