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Accounting II Quiz 1

Chapters 13-14

QuestionAnswer
Owners of preferred stock often do not have: Voting Rights
Retained earnings Generally consists of a company's cumulative net income less any net losses and dividends declared since its inception.
Prior period adjustments are reported in the: Statement of retained earnings
Changes in accounting estimates are: Accounted for in current and future periods.
A company had a beginning balance in retained earnings of $43,000. It had net income of $6,000 and paid out cash dividends of $5,625 in the current period. The ending balance in retained earnings equals: $43,375.
Companies report the cost of stock options in the: Income statement
Stock options are often used to encourage employees to: All of these
The statement of changes in stockholders' equity: Describes changes in paid-in capital and retained earnings subcategories.
Shamrock Company had net income of $30,000. The weighted-average common shares outstanding were 8,000. The company sold 3,000 shares before the end of the year. There were no other stock transactions. The company's earnings per share is: $3.75
Shamrock Company had net income of $30,000. The weighted-average common shares outstanding were 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock. The company's earnings per share is $3.41
The price-earnings ratio is calculated by dividing: Market value per share by earnings per share
A company has earnings per share net income of $900,000; its weighted-average common shares outstanding are 180,000. Its dividend per share is $0.45, its market price per share is $88, and its book value per share is $76. Its price-earnings ratio equals: 17.6
A company has earnings per share of $9.60. Its dividend per share is $0.50, its market price per share is $120, and its book value per share is $96. Its price-earnings ratio equals: 12.5
A company has a market value per share of $73.00. Its net income is $1,750,000 and the weighted-average number of shares outstanding is 350,000. The company's price-earnings ratio equals 14.6
A company has net income of $850,000. It has 125,000 weighted-average common shares outstanding, a market value per share of $115, and a book value of $100 per share. The company's price-earnings ratio equals: 16.9
The dividend yield is computed by dividing: Annual cash dividends per share by the market value per share
A company paid $0.48 in cash dividends per share. Its earnings per share is $4.20 and its market price per share is $30.00. Its dividend yield equals: 1.60%
A company paid $0.75 in cash dividends per share. Its earnings per share is $3.50, and its market price per share is $37.50. Its dividend yield equals: 2.0%
A company has 1,000 shares of $100 par preferred stock. It also has 25,000 shares of common stock outstanding, and its total stockholders' equity equals $500,000. The book value per common share is: $16.00
During the first month of operation, the corporation issued 300 shares to its attorneys in payment of a $5,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include A debit to Organization Expenses for $5,000.
A corporation issued 6,000 shares of its $10 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A credit to Paid-in Capital in Excess of Par Value, Common Stock for $24,000.
A company issued 60 shares of $100 par value stock for $7,000 cash. The total amount of paid-in capital in excess of par is: $1,000
Created by: dischic89
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