11) RH Corporation Stockholders' Equity section includes the following information:
|
Preferred Stock |
$11,000 |
|
Paid-in Capital in Excess of Par Value-Preferred |
20,000 |
|
Common Stock |
20,000 |
|
Paid-in Capital in Excess of Par Value-Common |
4,000 |
|
Retained Earnings |
7,000 |
Total paid-in capital is:
A) $48,000.
B) $55,000.
C) $27,000.
D) $21,000.
12) The Zonga Corporation Stockholders' Equity section includes the following:
|
Preferred Stock |
$22,500 |
|
Common Stock |
48,000 |
|
Paid-in Capital in Excess of Par Value-Preferred |
3,450 |
|
Paid-in Capital in Excess of Par Value-Common |
3,400 |
|
Retained Earnings |
7,350 |
Total paid-in capital is:
A) $83,730.
B) $76,380.
C) $70,000.
D) $77,350.
13) The Collins Corporation Stockholders' Equity section includes the following:
|
Preferred Stock |
$13,000 |
|
Common Stock |
15,000 |
|
Paid-in Capital in Excess of Par Value -Preferred |
3,100 |
|
Paid-in Capital in Excess of Par Value -Common |
4,100 |
|
Retained Earnings |
8,200 |
What was the total amount preferred stock was sold for?
A) $12,000
B) $14,700
C) $16,100
D) $20,200
14) The TM Stockholders' Equity section includes the following:
|
Preferred Stock |
$3,800 |
|
Common Stock |
5,950 |
|
Paid-in Capital in Excess of Par Value -Preferred |
400 |
|
Paid-in Capital in Excess of Par Value -Common |
1,750 |
|
Retained Earnings |
6,000 |
What was the total amount common stock was sold for?
A) $7,700
B) $13,700
C) $11,500
D) $9,950
15) Preferred stock that is given a right to share with the common stock in dividends in excess of a stated preferred dividend rate is called:
A) nonparticipating.
B) participating.
C) cumulative.
D) noncumulative.
16) The Harvester Corporation issued 50 shares of $20 par value stock to its accountant. The shares are in full payment for her $900 fee for assistance in setting up the new company. The entry to record the issuance of the stock would include a:
A) credit to Common Stock for $900.
B) debit to Common Stock for $900.
C) credit to Common Stock for $1,000.
D) debit to Common Stock for $1,000.
17) In exchange for $1,500 legal services to help set up the new company, Hickory Grove Corporation issued 100 shares of $10 par value stock to its attorney. The entry to record the issuance of the stock would include a:
A) credit to Common Stock for $1,000.
B) debit to Common Stock for $1,000.
C) credit to Paid-in Capital in Excess of Par Value-Common for $500.
D) Both A and C
18) Washington Corporation issued 5,000 shares of its $20 par value common stock for $23 per share. The entry to record the issuance would include a:
A) credit to Cash for $115,000.
B) credit to Common Stock for $15,000.
C) credit to Common Stock for $100,000.
D) debit to Paid-in Capital in Excess of Par Value-Common for $15,000.
19) The Logan Company issued 140 shares of its $12 par value stock for $14 per share. The entry to record the receipt of cash and issuance of the stock would include a:
A) debit to Cash of $1,680; credit to Common Stock for $1,680.
B) debit to Cash for $1,960.
C) credit to Common Stock for $1,960.
D) debit to Discount on Common Stock for $280.
20) Sunrise Online issued 500 shares of its $10 common stock in exchange for equipment with a fair market value of $7,500. The entry to record the transaction would include a:
A) debit to Equipment for $5,000.
B) credit to Common Stock for $5,000.
C) debit to Paid-in Capital in Excess of Par Value-Common for $2,500.
D) credit to Common Stock Subscribed for $5,000.
