ACC 556 ACC556 Week 6 Homework Chapter 11

ACC 556 ACC556 Week 6 Homework Chapter 11

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ACC 556 Week 6 Homework  Chapter 11

1. 

A corporation is not an entity that is separate and distinct from its owners.

2. 

A stockholder has the right to vote in the election of the board of directors.

3. 

The acquisition of treasury stock by a corporation increases total assets and total stockholders’ equity.

4. 

Cash dividends are not a liability of the corporation until they are declared by the board of directors.

5. 

A detailed stockholders’ equity section in the balance sheet will list the names of individuals who are eligible to receive dividends on the date of record.

6. 

Under the corporate form of business organization

7. 

Which of the following statements reflects the transferability of ownership rights in a corporation?

8. 

If a stockholder cannot attend a stockholders’ meeting, he may delegate his voting rights by means of a(n)

9. 

If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account

10. 

Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report

11. 

The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares)            $250,000
Treasury stock (at cost $15 per share)       $    1,200
Based on the data, how many shares of common stock are issued?

12. 

Which of the following is not a right or preference associated with preferred stock?

13. 

All of the following statements about preferred stock are true except

14. 

The board of directors of Benson Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2014. The dividend is to be paid on August 15, 2014, to stockholders of record on July 31, 2014. The effects of the journal entry to record the payment of the dividend on August 15, 2014, are to

15. 

Which of the following statements is not true about a 2-for-1 split?

16. 

The following selected amounts are available for Thomas Company.
Retained earnings (beginning)                               $2,500
Net loss                                                                       200
Cash dividends declared                                             200
Stock dividends declared                                            200

What is its ending Retained Earnings balance?

17. 

In the stockholders’ equity section of the balance sheet

18. 

Herman Corporation had net income of $120,000 and paid dividends of $24,000 to common stockholders and $20,000 to preferred stockholders in 2014. Herman Corporation’s common stockholders’ equity at the beginning and end of 2014 was $450,000 and $550,000, respectively. Herman Corporation’s payout ratio for 2014 is

9. 

Which of the following statements is true regarding corporate performance ratios?

20. 

Match the items below by entering the appropriate code letter in the space provided.


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