Exam 19: Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

If treasury stock is re-issued at a price less than its cost, the debit entry could include:

A corporation purchased 35 shares of treasury stock for $40. The entry to record the transaction would include a:

On the date of record, the journal entry would include:

From the following, determine the book value per share for preferred and common stocks, assuming $2,000 of dividends are in arrears on the preferred stock. Preferred Stock, 10% cumulative and Common Stock, $10 par value, 4,000 shares

When a stock dividend is distributed, the account to be credited would be:

Using the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Sold preferred stock at a price above par. Debit ________ & ________ & ________ Credit ________ & ________ & ________

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

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.

Which of the following dividend dates does not get a formal journal entry?

Using the following accounts: 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 ________ & ________ & ________

On May 31, Mason Corporation has the following stockholders' equity: Common Stock, $10 par value, 6,000 shares The board of directors declared a 10% stock dividend on June 5 to the stockholders of record on June 15. The stock is to be distributed on June 30. On the date of declaration, the stock had a market value of $15 per share. Prepare the appropriate journal entries for these transactions.

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

Using the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Paid a cash dividend. Debit ________ & ________ & ________ Credit ________ & ________ & ________

Using the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Declared a stock dividend when the market price was above par. Debit ________ & ________& ________ Credit ________ & ________ & ________

Curtis Corporation's balance sheet included the following: Common Stock, $5 par value, 5,000 shares issued Prepare journal entries for the following transactions:

The payment of a cash dividend was recorded as payment to Miscellaneous Expense. This error would cause:

Rick's Internet Corporation balance in Retained Earnings is $30,000. The board of directors directs that $15,000 be appropriated for future business expansion. This will cause total retained earnings to:

Treasury Stock is what type of account?

Treasury stock was sold above cost; the excess was credited to Gain on Sale. This error would cause:

The price at which shares are bought and sold on the open market is called: