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Accounting Expert Answers & Study Resources : Page 677

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138.Match the following stockholder’s equity concepts to the best answer. 1.account used when shares are issued for an amount greater than par value common stock distributable 2.entitled to receive dividends first treasury stock 3.this event creates a liability to company preferred stock 4.when dividends are actually distributed to stockholders cash dividend 5.equity account reflecting shares “owed” to stockholders additional paid.

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  • 138.Match the following stockholder’s equity concepts to the best answer. 1.account
  • Accounting
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136.Match the following stockholders equity concepts to the appropriate answer. 1.formally creates a corporation corporation 2.creditors cannot pursue stockholder’s personal assets to satisfy claims publicly held corporation 3.a legal entity, separate from the people who create and operate it bylaws 4.rules and procedures for corporate conduct of its affairs privately held corporation 5.responsible for establishing corporate policies articles of incorporation 6.a.

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  • 136.Match the following stockholders equity concepts to the appropriate answer. 1.formally
  • Accounting
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155.Morocco Inc. reported the following results for the year ending April 30, 2012: Retained earnings, May 1, 2011 $2,870,000 Net income 530,000 Cash dividends declared 80,000 Stock dividends declared 220,000 Prepare a retained earnings statement for the fiscal year ended April 30, 2012. 156.Indicate whether the following actions would (+) increase, (-) decrease, or (0) not affect a company's total.

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  • 155.Morocco Inc. reported the following results for the year ending
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71.The term deficit is used to refer to a debit balance in which of the following accounts of a corporation? A.Retained Earnings B.Treasury Stock C.Organizational Expenses D.Common Stock 72.Stockholders' equity A.is usually equal to cash on hand B.includes paid-in capital and liabilities C.includes retained earnings and paid-in capital D.is shown on the income statement 73.The state charter allows a.

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  • 71.The term deficit used to refer to a debit balance
  • Accounting
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178.Match the term with the appropriate definition. 1.The process of going out of business by selling the entity’s assets and paying its liabilities unlimited liability 2.When a partnership cannot pay its debts with business assets, the partners must use personal assets to meet the debt articles of partnership 3.Without an agreement, the law will stipulate.

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  • 178.Match the term with the appropriate definition. 1.The process of going
  • Accounting
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59.Which of the following is characteristic of a general partnership? A.The partners have co-ownership of partnership property. B.The partnership is subject to federal income tax. C.The partnership has an unlimited life. D.The partners have limited liability. 60.Which of the following is not a characteristic of a general partnership? A.the partnership is created by a contract B.mutual agency C.partners.

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  • 59.Which of the following characteristic of a general partnership? A.The partners
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111.In which section of the financial statements would Paid-In Capital from Sale of Treasury Stock be reported? A.other expense on income statement B.intangible asset on balance sheet C.stockholders' equity on balance sheet D.other income on income statement 112.Which of the following is not classified as paid-in capital on the balance sheet? A.common stock B.common stock distributable C.donated capital D.treasury.

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  • 111.In which section of the financial statements would Paid-In Capital
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121.Treasury stock should be reported in the financial statements of a corporation as a(n) A.investment. B.liability. C.current asset. D.deduction from stockholders’s equity. 122.The reduction of par or stated value of stock by issuance of a proportionate number of additional shares is termed a A.liquidating dividend B.stock split C.stock option D.preferred dividend 123.A corporation has 40,000 shares of $25 par.

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  • 121.Treasury stock should be reported in the financial statements of
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101.When a stock dividend is declared, which of the following accounts is credited? A.Common Sock B.Dividend Payable C.Stock Dividends Distributable D.Retained Earnings 102.Treasury stock shares are A.shares held by the U.S. Treasury Department B.part of the total outstanding shares but not part of the total issued shares of a corporation C.unissued shares that are held by the.

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  • 101.When a stock dividend declared, which of the following accounts
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158.Future Sources, Inc. reported the following results for the year ending July 31, 2012: Retained earnings, August 1, 2011 $875,000 Net income 260,000 Cash dividends declared 120,000 Stock dividends declared 100,000 Prepare a retained earnings statement for the fiscal year ended July 31, 2012. 159.Using the following information, prepare the Stockholders’ Equity section of the balance sheet. Seventy thousand shares.

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  • 158.Future Sources, Inc. reported the following results for the year
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51.Treasury Stock is listed in the stockholders' equity section onthe balance sheet. 52.The cost of treasury stock is deducted from total paid-in capital and retained earnings in determining total stockholders’ equity. 53.The retained earnings statement may be combined with the income statement. 54.If paid-in-capital in excess of par/preferred stock is $30,000, preferred stock.

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  • 51.Treasury Stock listed in the stockholders' equity section onthe balance
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189.After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following: Cash $7,500 Noncash Assets 105,000 Liabilities $27,500 Anna, Capital 45,000 Brian, Capital 15,000 Cole, Capital 25,000 $112,500 $112,500 The partners share net income and losses in the ratio of 3:2:1. Between May 7-30, the noncash assets were sold for.

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  • 189.After discontinuing the ordinary business operations and closing the accounts
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