End-of-Chapter Quiz Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| 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)
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| 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]
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| The stockholders' equity section of a corporation's balance sheet reports: | Discount on Bonds Payable: NO; Treasury Stock: YES
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| The purchase of this stock decreases total assets and decreases total stockholders' equity. | Treasury Stock
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| When does a cash dividend become a legal liability? | On date of declaration
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| When do dividends increase stockholders' equity? | Never
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| True or False. Stock dividends have no effect on total stockholders' equity. | True
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| True or False. Stock dividends increase the corporation's total liabilities. | False
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| True or False. Stock dividends reduce the total assets of the company. | False
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| True or False. Stock dividends are distributions of cash to stockholders. | False
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| What is the effect of a stock dividend and a stock split on total assets? | Stock Dividend: NO EFFECT; Stock Split: NO EFFECT
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| A 2-for-1 stock split has the same effect on the number of shares being issued as a: | 100% stock dividend
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| The numerator for computing the rate of return on total assets is: | Net Income + Interest Expense
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| The numerator for computing the rate of return on common equity is: | Net Income - Preferred Dividends
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