Exam 19: Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Using the following accounts: [1]Cash [2]Dividends payable [3]Preferred stock [4]Common stock [5]Dividend distributable [6]Paid-in capital in excess of par common stock [7]Paid-in capital in excess of par preferred stock [8]Paid-in capital from treasury stock [9]Retained earnings [10]Appropriation for plant expansion [11]Treasury stock [12]Income summary Indicate the account(s) to be debited and credited to record the following transactions. -Sold treasury stock at a price below cost when there was no paid-in capital from treasury stock to absorb the difference between cost and selling price. Debit ________ & ________ & ________ Credit ________ & ________ & ________

A distribution to stockholders in the form of cash is called a:

Gino's Corporation had 20,000 shares of $15 par value common stock outstanding with a market value of $40 per share.Gino announced a four-for-one stock split.After the split,the par value of the stock:

The board of Bogswell,Inc.declared a $2 per share cash dividend on common stock.The corporation has 4,000 shares of common stock outstanding.The entry required to distribute the dividend is:

Typically,the only credit to the retained earnings account for a corporation is:

The date of record determines who receives the declared dividends.

When treasury stock was sold below cost,the decrease was debited to Loss on Sale.This error would cause:

The entry to record the declaration of a stock dividend would include:

The entry to record the distribution of the stock dividend would include:

Treasury stock was purchased and recorded as an asset.This error would cause:

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

The Tiger Football Corporation has 7,500 shares of common stock issued and outstanding.The board of directors declared a $2.00 per share cash dividend on January 9,payable on March 9,to stockholders of record on February 9.Prepare the appropriate journal entries.

ABC Corporation offered a four-for-one stock split.The number of outstanding shares before the split was 15,000 and the par value was $20 per share.After the split,what was the par value and number of shares?

The date of record for cash dividends is:

Market value is the price at which a share of stock is bought and sold.

The declaration of a stock dividend was credited to Dividends Payable and debited to Retained Earnings.This error would cause:

To explain the change in the amount of retained earnings between successive balance sheet dates,it is customary to prepare a(n):

Declaration of a cash dividend causes:

Barkley's Resort had 2,000 shares of $20 par value common stock outstanding.On June 1,Barkley's purchased 200 shares of treasury stock for $21 per share and later reissued them for $22 per share.What amount of profit from the re-issuance will be reported on the income statement?

Book value is only calculated for common stock.