Exam 10: Corporations: Paid-In Capital and Retained Earnings

NW Stone Supply issued 50 shares of $15 par common stock in exchange for a piece of equipment with a current market value of $1,000.Which of the following is NOT part of the journal entry for this transaction?

Treasury stock decreases the number of outstanding shares of stock.

The basic unit of stock is called a(n):

Dental Designs,Inc.Stockholders' Equity section includes the following information: Total paid-in capital is:

Dennis owns 2% of the total shares in a company;if the company issues a dividend he will receive 2% of the dividend.

TLR Productions issued 40 shares of $20 par value stock to its accountant in full payment for her $900 fee for assisting in setting up the new company.The entry to record the issuance of the stock would include a:

When stock is sold,the total paid-in capital should equal the amount of cash received.

Which of the following is NOT a reason for a company to purchase treasury stock?

If a company has 33,000 shares outstanding before a 5-for-3 stock split,then after the split they will have 55,000 shares outstanding.

HiTech Industries has 10,000 shares of treasury cost which it purchased for $61/share.It later resold 3,000 of those shares for $87/share.The amount to be credited to Paid-in Capital-Treasury Stock is:

The type of stock that does NOT carry paid-in capital in excess of par is called:

The entry to record selling 150 shares of $30 stated value common stock for $40 per share would include:

The entry to record S&C,Inc.selling 1,000 shares of $12 par common stock for $20 per share would be to:

A business wanting to incorporate must file articles of incorporation with:

Stars,Inc.has declared a $20,000 cash dividend to shareholders.The company has 5,000 shares of $15-par,10% preferred stock and 10,000 shares of $20-par common stock.The preferred stock is cumulative.How much will be distributed to the preferred and common stockholders on the date of payment if the preferred stock is $8,000 in arrears?

Stated value is assigned:

Values such as par,stated value,and no-par are assigned based upon:

A company issues 15,000 shares of its $25 par common stock for $29 per share.The amount to be debited to Cash is:

Stockholders will be issued ________ physically or electronically.

Which is NOT a value placed on a certificate for a share of the company's stock?