Exam 19: Corporations: Stock Values, Dividends, Treasury Stocks,

Patterson Research has 200 shares of 10%, $107 par value, preferred stock, and 2,000 shares of $17 par value common stock outstanding. Total paid-in capital is $50,000, and retained earnings are $0. There are one-year dividends in arrears on preferred stock. The book value per share on common stock is: (Round your answer to the nearest cent.)

After issuing a stock dividend, a stockholder will own a larger number of shares but:

What are the annual dividends on preferred stock, $31 par, 2,200 shares authorized, 1,200 shares issued, and a dividend rate of 3%? (Round your answer to the nearest dollar.)

70 of the 350 treasury shares that Miles Inc. acquired at $4 par per common stock for $22, were reissued for $8 per share. What is the journal entry for the reissued shares?

Most companies report restrictions of Retained Earnings by using a footnote to the Retained Earnings account.

Prepare a statement of retained earnings in proper form for Ember Corporation for the year ended December 31, 20XX, from the following:

Which of the following is the journal entry to record the declaration of a stock dividend?

Dividends in arrears are considered in the calculation for book value per share of preferred stock.

On April 3, Jim's Planters declares a $5 cash dividend per share on 6,000 shares issued and outstanding. What is the journal entry to record this transaction?

Common Stock Dividend Distributable is a stockholders' equity account that accumulates a stock dividend that has been declared but not yet issued and distributed.

Dexter Corporation has total paid-in capital of $180,000 and retained earnings of $130,000. It has 4,000 shares of $20 preferred stock outstanding with no dividends in arrears and 11,000 shares of $30 par value common stock outstanding. The book value of each share of common stock is: (Round your answer to the nearest cent.)

The portion of Retained Earnings that is NOT available for dividends is:

After the closing of its accounting books, Bear Company discovered that depreciation was understated by $8,000, which meant that Net Income was overstated by $8,000. What entry is needed to record the adjustment for the prior period's error?

Malcolm Corporation declared a dividend of $5 per share on 2,200 shares. The entry to record the transaction would be to:

On March 8, Nunes Corporation declares a $3 cash dividend per share on 4,000 shares issued and outstanding. What is the journal entry to record this transaction?

If total stockholders' equity is $160,000 with 13,000 common shares outstanding, what is the book value per share of common stock? (Assume no preferred stock is outstanding. Round your answer to the nearest cent.)

If dividends in arrears are $1,500,000 preferred stock redemption value of 60,000, and 2,400 preferred shares outstanding, what is the book value per share of preferred stock? (Round the final answer to the nearest cent.)

Which of the following decrease when treasury stock is purchased?

Paid-In Capital in Excess of Par Value-Stock Dividend account is used when:

Appropriations to retained earnings are: