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Accounting Chapter 9

End-of-Chapter Quiz Questions

QuestionAnswer
Lurvey Company is authorized to issue 50,000 shares of $25 par common stock. On May 30, 2010, Lurvey issued 20,000 shares at $45 per share. Luvey's journal entry to record these facts should include a: credit to Common Stock for $500,000 (20,000 shares x $25 = $500,00)
Syracuse Corporation purchased treasury stock in 2010 at a price of $15 per share and resold the treasury stock in 2011 at a price of $35 per share. What amount should Syracuse report on its income statement for 2011? $0 [No gain or loss (for the income statement) on treasury stock transactions]
The stockholders' equity section of a corporation's balance sheet reports: Discount on Bonds Payable: NO; Treasury Stock: YES
The purchase of this stock decreases total assets and decreases total stockholders' equity. Treasury Stock
When does a cash dividend become a legal liability? On date of declaration
When do dividends increase stockholders' equity? Never
True or False. Stock dividends have no effect on total stockholders' equity. True
True or False. Stock dividends increase the corporation's total liabilities. False
True or False. Stock dividends reduce the total assets of the company. False
True or False. Stock dividends are distributions of cash to stockholders. False
What is the effect of a stock dividend and a stock split on total assets? Stock Dividend: NO EFFECT; Stock Split: NO EFFECT
A 2-for-1 stock split has the same effect on the number of shares being issued as a: 100% stock dividend
The numerator for computing the rate of return on total assets is: Net Income + Interest Expense
The numerator for computing the rate of return on common equity is: Net Income - Preferred Dividends
Created by: 1482116593