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Accounting Expert Answers & Study Resources : Page 41

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41.The information that follows pertains to stockholders' equity data of the Keswick Corporation on December 31, 20xx. Compute the amount of each item indicated by a letter in the listing below. Round answers to two decimal places. Par value per common share$        20 Balance of Common Stock account$          a No. of shares authorized20,000 No..

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  • 41.The information that follows pertains to stockholders' equity data of
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41.If Willis Corporation has 80,000 shares of common stock authorized,  50,000 shares of common stock issued, and holds 12,000 shares of common stock as treasury stock, the total number of outstanding shares of Willis Corporation amounts to a.22,000. b.68,000. c.38,000. d.26,000. 42.Outstanding shares of stock are a.authorized shares that have not yet been issued. b.also called treasury.

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  • 41.If Willis Corporation has 80,000 shares of common stock authorized, 
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41.In preparing consolidated financial statements, intercompany receivables and payables must be eliminated because they do not represent amounts due to or receivable from parties outside the consolidated entity. 42.When a parent company and a 100 percent owned subsidiary company are consolidated using the purchase method, only the stockholders' equity of the.

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  • 41.In preparing consolidated financial statements, intercompany receivables and payables must
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  1.Use the following information to obtain the ratios requested below. Where necessary, carry answers to one decimal place. Dividends per share: $.54 Market price per share: $30 Net income: $88,000 Average stockholders' equity: $625,000 Earnings per share: $1.25 a. Dividends yield = _____________% b. Return on equity = _____________% c. Price/earnings (P/E) ratio = __________times a. 1.8% b. 14.1% c. 24.

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  •   1.Use the following information to obtain the ratios requested below.
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11.A corporation has a.government regulations. b.a limited existence. c.unlimited liability. d.no tax liability. 12.Par value a.is established for a share of stock after it is issued. b.is the legal capital established for a share of stock. c.represents what a share of stock is worth. d.represents the original selling price for a share of stock. 13.A good measure of confidence in.

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  • 11.A corporation has a.government regulations. b.a limited existence. c.unlimited liability. d.no tax liability. 12.Par value a.is
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31.The entry required to record start-up and organization costs will cause a decrease in net income for the period. 32.The stockholders' equity in a corporation consists of capital contributed by stockholders and retained earnings. 33.The number of authorized shares should always equal or exceed the number of outstanding shares. 34.Stockholders who own preferred.

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  • 31.The entry required to record start-up and organization costs will
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81.A company purchases 400 shares of its $50 par value common stock at $55 per share. It then reissues 60 shares at $58 per share. The entry upon reissue of the stock would be: a.Cash 3,480 Treasury Stock-Common  3,300 Paid-in Capital, Treasury Stock     180 b.Cash 3,480 Treasury Stock-Common  3,480 c.Cash 3,480 Paid-in Capital, Treasury Stock  3,480 d.Cash.

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  • 81.A company purchases 400 shares of its $50 par value
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TRUE/FALSE 1.The price/earnings (P/E) ratio is a measure of investors' confidence in a company's future. 2.The dividends yield is measured in terms of “times.” 3.Return on equity equals average stockholders' equity divided by net income. 4.The board of directors carries out the day-to-day operations of the business. 5.Stockholders elect the board of directors which appoints.

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  • TRUE/FALSE 1.The price/earnings (P/E) ratio a measure of investors' confidence in
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61.Dividends in arrears cannot exist in conjunction with a.callable preferred stock. b.convertible preferred stock. c.noncumulative preferred stock. d.cumulative preferred stock. 62.Which of the following would not be an account in the general ledger of a corporation? a.Dividends Payable b.Retained Earnings c.Additional Paid-in Capital d.Dividends in Arrears 63.When callable preferred stock is called and surrendered, the shareholder is entitled to all.

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  • 61.Dividends in arrears cannot exist in conjunction with a.callable preferred stock. b.convertible
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39.Prepare in proper form the stockholders' equity section of the balance sheet from the following selected accounts and balances taken from the adjusted trial balance of Waller Corporation as of December 31, 20xx. Partial Adjusted Trial Balance AccountDebitCredit Common Stock—$10 par value, 90,000 shares authorized, 40,000 shares issued and outstanding400,000 Preferred Stock—$100 par value, 7.

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  • 39.Prepare in proper form the stockholders' equity section of the
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35.Use the following information to obtain the ratios requested below. Where necessary, carry answers to one decimal place. Dividends per share: $.76 Market price per share: $40 Net income: $64,000 Stockholders' equity, beginning of year: $500,000 Stockholders' equity, end of year: $530,000 Earnings per share: $1.75 a. Dividends yield = _____________% b. Return on equity = _____________% c. Price/earnings.

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  • 35.Use the following information to obtain the ratios requested below.
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12.Prepare in proper form the stockholders' equity section of the balance sheet from the following selected accounts and balances taken from the adjusted trial balance of Pathway Corporation on June 30, 20xx. Partial Adjusted Trial Balance AccountDebitCredit Common Stock—$10 stated value, 50,000 shares authorized, 45,000 shares outstanding450,000 Preferred Stock—$100 par value, 8 percent cumulative convertible, 3,000.

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  • 12.Prepare in proper form the stockholders' equity section of the
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31.The number of shares of issued stock equals a.unissued shares minus authorized shares. b.outstanding shares plus treasury shares. c.subscribed shares plus outstanding shares. d.authorized shares minus treasury shares. 32.Treasury shares plus outstanding shares equal a.unissued shares. b.subscribed shares. c.authorized shares. d.issued shares. 33.The contributed capital of a corporation does not include a.additional paid-in capital. b.preferred stock. c.the stated value of common stock issued. d.retained.

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  • 31.The number of shares of issued stock equals a.unissued shares minus
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  MULTIPLE CHOICE 1.The price/earnings (P/E) ratio is measured in terms of a.dollars. b.a percentage. c.times. d.days. 2.Dividends yield equals a.market price per share divided by dividends per share. b.net income divided by dividends per share. c.dividends per share divided by net income. d.dividends per share divided by market price per share. 3.Return on equity is measured in terms of a.days. b.times. c.a percentage. d.dollars. 4.A disadvantage.

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  •   MULTIPLE CHOICE 1.The price/earnings (P/E) ratio measured in terms of a.dollars. b.a percentage. c.times. d.days. 2.Dividends
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41.Dividends in arrears are disclosed as liabilities of a corporation. 42.Dividends in arrears pertain to noncumulative preferred stock. 43.Dividends on cumulative preferred stock do not become a liability of the corporation until they are declared by the board of directors. 44.Callable preferred stock is preferred stock that may be redeemed or retired at.

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  • 41.Dividends in arrears disclosed as liabilities of a corporation. 42.Dividends in
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51.Dividends in arrears are dividends on a.noncumulative preferred stock that have not been declared for some specified period of time. b.common stock that may never be declared. c.cumulative preferred stock that have been declared but not yet paid. d.cumulative preferred stock that have not been declared for some specified period of time. 52.Honig Corporation had.

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  • 51.Dividends in arrears dividends on a.noncumulative preferred stock that have not
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