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Accounting Expert Answers & Study Resources : Page 53

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74. A disadvantage of the corporate form of business is A. lack of mutual agency.B. professional management.C. ease of transfer of ownership.D. tax treatment. 75. A disadvantage of the corporate form of business is A. centralized authority and responsibility.B. its status as a separate legal entity.C. government regulation.D. continuous existence. 76. An advantage of the corporate form of business is A. separation of ownership and control.B. tax treatment.C. lack.

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  • 74. A disadvantage of the corporate form of business is A. lack of
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94. Use the following information to answer the question below.The following accounts appear in the ledger of Pepper Corporation on December 31, 20x5 Preferred Stock $60,000 Common Stock 116,000 Additional Paid-in Capital, Preferred 14,000 Additional Paid-in Capital, Common 36,000 Retained Earnings 80,000 A balance sheet prepared on December 31, 20x5 , would report total contributed capital of A. $176,000.B. $190,000.C. $226,000.D. $306,000. 95. Use the following information to.

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  • 94. Use the following information to answer the question below.The following
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1. The board of directors carries out the day-to-day operations of the business.  2. Stockholders elect the board of directors who then appoint the officers of a corporation.  3. Limited liability can be viewed as both an advantage and a disadvantage.  4. Corporate earnings are subject to double taxation.  5. The par value of stock is an arbitrary amount.

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  • 1. The board of directors carries out the day-to-day operations of
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164. Return on equity is measured in terms of A. days.B. times.C. a percentage.D. dollars. 165. To evaluate the amount of dividends they receive, investors use the ratio called A. Price/Earnings ratioB. Return on EquityC. Dividend yield ratioD. Current ratio 166. Adobe Corporation had net income of $120,000 in 20x4 and $164,000 in 20x5.  Total stockholders’ equity at the end of 20x4 was $760,000 and.

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  • 164. Return equity measured in terms of A. days.B. times.C. a percentage.D. dollars. 165. To evaluate the amount
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67. Lincoln Company engaged in this transaction: Received 6-month’s rent in advance from a tenant in its office building.Indicate which section, if any, the above transaction would appear in, or relate to, on a statement of cash flows. A. Financing activities section.B. Schedule of noncash investing and financing transactions.C. Operating activities section.D. Investing activities section. 68. Lincoln Company.

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  • 67. Lincoln Company engaged in this transaction: Received 6-month’s rent in
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84. Start-up and organization costs include all of the following except A. goodwill.B. cost of printing stock certificates.C. attorney's fees.D. state incorporation fees. 85. Start-up and organization costs A. are capitalized, but never amortized.B. are capitalized and amortized, usually over five years.C. are expensed in the year incurred.D. appear on the balance sheet as a current asset. 86. Which of the following is involved in.

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  • 84. Start-up and organization costs include all of the following except A. goodwill.B. cost
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47. Noncash investing and financing transactions A. appear as a separate schedule on the statement of cash flows.B. appear in either the investing or financing activities section, but not both.C. are excluded from the statement of cash flows.D. appear in both the investing and financing activities sections. 48. Cash equivalents do not include A. U.S. Treasury bills.B. money market accounts.C. marketable securities.D. commercial.

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  • 47. Noncash investing and financing transactions A. appear as a separate schedule the
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193. 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 Barger Corporation as of December 31, 20x5. Partial Adjusted Trial Balance Account Debit Credit Common Stock—$10 par value, 90,000 shares authorized, 40,000 shares issued and outstanding 400,000 Preferred Stock—$100 par value, 7.

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  • 193. Prepare in proper form the stockholders' equity section of the
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57. Lincoln Company engaged in this transaction: Collected accounts receivable.Indicate which section, if any, the above transaction would appear in, or relate to, on a statement of cash flows. A. Does not represent a cash flow.B. Operating activities section.C. Financing activities section.D. Investing activities section. 58. Lincoln Company engaged in this transaction: Accrued interest expense on long-term bonds.

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  • 57. Lincoln Company engaged in this transaction: Collected accounts receivable.Indicate which
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191. 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 Thomas Corporation on June 30, 20x5. Partial Adjusted Trial Balance Account Debit Credit Common Stock—$10 stated value, 50,000 shares authorized, 45,000 shares outstanding 450,000 Preferred Stock—$100 par value, 8 percent cumulative.

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  • 191. Prepare in proper form the stockholders' equity section of the
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190.  1. When a corporation declares a dividend that exceeds retained earnings.      Record date. 2. Dividends per share divided by Market price per share.      Stock dividend. 3. A dividend that involves no distribution of assets.      Liquidating dividends. 4. The equity of the owner of one share of stock in the net assets of a company.      Book value per share. 5. No journal entry is.

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  • 190.  1. When a corporation declares a dividend that exceeds retained earnings.      Record
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97. Bailey Corp. sold investments for $204,000 cash that cost $180,000. The journal entry to record the transaction which correctly shows the increase in cash flow is: A. Cash                               204,000      Investments                                                180,000     Gain on Sale of Investments                                      24,000B. Cash      .

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  • 97. Bailey Corp. sold investments for $204,000 cash that cost $180,000.
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204. The following amounts were reported by Paloma Corporation on December 31, 20x4 : Common stock—$5 par value $150,000 Additional paid-in capital 120,000 Treasury stock (8,000 shares at cost) 60,000 On January 3, 20x5 , 5,000 shares of treasury stock were sold. After the sale of the treasury shares, total stockholders' equity amounted to $277,500. No stockholders' equity.

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  • 204. The following amounts were reported by Paloma Corporation December 31,
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202. On its December 31, 20x4 , balance sheet, Bronco Corporation reported its stockholders' equity as follows: Common stock—$5 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $250,000 Additional paid-in capital 125,000 Retained earnings 400,000 Total stockholders' equity $775,000 During 20x5 , the following transactions occurred:Reacquired 2,500 shares at $7 per share.Sold 1,200 shares of treasury stock at $8.

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  • 202. On its December 31, 20x4 , balance sheet, Bronco Corporation
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154. All of the following would appear on the statement of stockholders' equity except A. declaration of cash dividends.B. an issuance of common stock.C. net income.D. declaration of a stock split. 155. Which of the following items will not be disclosed on a statement of stockholders' equity? A. Conversion of preferred stock into common stockB. Results of discontinued operationsC. Purchase of treasury.

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  • 154. All of the following would appear the statement of stockholders'
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144. Which of the following has an effect on total stockholders' equity? A. Conversion of preferred stock into common stockB. Cash dividendC. Stock dividendD. Stock split 145. On which of the following dates involving stock dividends does a liability arise? A. Date of distributionB. Date of declarationC. Date of recordD. On no date 146. A large stock dividend should be recorded on the basis of A. par.

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  • 144. Which of the following has an effect total stockholders' equity? A. Conversion
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21. Retained earnings are a component of contributed capital.  22. The word preferred in the phrase preferred stock means that an owner of preferred stock has some advantages over a bondholder.  23. Dividends in arrears are disclosed as liabilities of a corporation.  24. Dividends in arrears pertain only to cumulative preferred stock.  25. Dividends in arrears on cumulative preferred.

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  • 21. Retained earnings a component of contributed capital.  22. The word preferred in
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124. On the balance sheet, treasury stock owned by the company is classified properly as A. contra-stockholders' equity.B. current assets.C. investments.D. a note to the financial statements. 125. Which of the following is the appropriate entry to record the declaration of cash dividends? A. Dividends Payable - DebitCash - CreditB. Additional Paid-in Capital - DebitDividends Payable - CreditC. Dividends - DebitDividends Payable.

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  • 124. On the balance sheet, treasury stock owned by the company
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215. The following facts pertain to Quail Corporation: Retained Earnings balance, December 31, 20x4 $550,000 Cash dividends declared and paid in 20x5 60,000 Cash dividends declared but not paid in 20x5 20,000 Retained Earnings balance reported on December 31, 20x5 , balance sheet 675,000 216. Compute the book values per share for (a) preferred and (b) common stock.

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  • 215. The following facts pertain to Quail Corporation: Retained Earnings balance, December
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210. Copperhead Corporation has 30,000 shares of $100 stated value no-par common stock authorized, and 20,000 shares were outstanding during 20x5. The following transactions relate to cash dividends of Copperhead Corporation for the year ended December 31, 20x5. Prepare entries in journal form without explanations to record the following transactions: June 1 Declared a.

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  • 210. Copperhead Corporation has 30,000 shares of $100 stated value no-par
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