Question 1

ABC sells 400 shares of its $23 par common stock for $27.The entry would entail a credit(s)of:

Accepted Answer

A) Cash of $9,200. 
B) Paid-in Capital in Excess of Par-Common for $800; Common Stock for $10,800. 
C) Paid-in Capital in Excess of Par-Common for $1,600; Common Stock for $9,200. 
D) Common Stock for $10,800. 
A) Cash of $9,200. 
B) Paid-in Capital in Excess of Par-Common for $800; Common Stock for $10,800. 
C) Paid-in Capital in Excess of Par-Common for $1,600; Common Stock for $9,200. 
D) Common Stock for $10,800.

Question 2

Articles of incorporation contain all of the following except:

Accepted Answer

A) the names of the directors. 
B) the location of the business. 
C) the life expectancy (usually forever)of the business. 
D) the nature of the business. 
A) the names of the directors. 
B) the location of the business. 
C) the life expectancy (usually forever)of the business. 
D) the nature of the business.

Question 3

The Collins Corporation Stockholders' Equity section includes the following: $\begin{array} { | l | r | } 
\hline  \text { Preferred Stock } & \$ 12,000 \
\hline \text { Common Stock } & 15,000 \
\hline \text { Paid-in Capital in Excess of Par-Preferred } & 2,700 \
\hline \text { Paid-in Capital in Excess of Par-Common } & 4,100 \
\hline \text { Retained Earnings } & 8,200 \
\hline
\end{array}$ What was the total amount preferred stock was sold for?

Accepted Answer

A) $12,000 
B) $14,700 
C) $16,100 
D) $20,200 
A) $12,000 
B) $14,700 
C) $16,100 
D) $20,200

Question 4

What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock at $130 per share?

Accepted Answer

A) Debit Common Stock Subscribed $221,000; credit Cash $221,000 
B) Debit Subscriptions Receivable-Common Stock $221,000; credit Common Stock Subscribed $221,000 
C) Debit Subscriptions Receivable-Common Stock $221,000; credit Common Stock $221,000 
D) None of these answers are correct. 
A) Debit Common Stock Subscribed $221,000; credit Cash $221,000 
B) Debit Subscriptions Receivable-Common Stock $221,000; credit Common Stock Subscribed $221,000 
C) Debit Subscriptions Receivable-Common Stock $221,000; credit Common Stock $221,000 
D) None of these answers are correct.

ABC sells 400 shares of its $23 par common stock for $27.The entry would entail a credit(s)of:

Articles of incorporation contain all of the following except:

The Collins Corporation Stockholders' Equity section includes the following: Preferred Stock \ 12,000 Common Stock 15,000 Paid-in Capital in Excess of Par-Preferred 2,700 Paid-in Capital in Excess of Par-Common 4,100 Retained Earnings 8,200 What was the total amount preferred stock was sold for?

What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock at $130 per share?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

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

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 18: Corporations: Organizations and Stock

ABC sells 400 shares of its $23 par common stock for $27.The entry would entail a credit(s)of:

Articles of incorporation contain all of the following except:

The Collins Corporation Stockholders' Equity section includes the following: Preferred Stock \ 12,000 Common Stock 15,000 Paid-in Capital in Excess of Par-Preferred 2,700 Paid-in Capital in Excess of Par-Common 4,100 Retained Earnings 8,200 What was the total amount preferred stock was sold for?

What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock at $130 per share?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

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

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters