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Bizhelp, CPA
Category: Homework
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Experience:  Bachelors Degree and CPA with Accounting work experience
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1. For which of the following taxes is there no ceiling on

Resolved Question:

1. For which of the following taxes is there no ceiling on the amount of employee annual earnings subject to the tax?
a)only social security tax
b)only Medicare tax
c)only unemployment compensation tax
d)none of the above

2. Which of the following will have no effect on an employee’s take-home pay?
a)Social security tax
b)Unemployment tax
c)Marital status
d)Number of exemptions claimed

3. Which of the following is not characteristic of a corporation?
a) The financial loss that a stockholder may suffer from owning stock in a public company is limited.
b) Cash dividends paid by a corporation are deductible as expenses by the corporation.
c) A corporation can own property in its name.
d) Corporations are required to file federal income tax returns.

4. Characteristics of a corporation include:
a)shareholders who are mutual agents
b)direct management by the shareholders
c)its inability to own property
d)shareholders who have limited liability

5. Under the corporate form of business organization
a) ownership rights are easily transferred.
b) a stockholder is personally liable for the debts of the corporation.
c) stockholders acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation.
d) stockholders wishing to sell their corporation shares must get the approval of other stockholders.

6. The journal entry to issue 1,000,000 shares of $5 par common stock for $6.75 per share on January 2nd would be:
a) Jan 2
Dr Cash 6,750,000
Cr Common Stock 5,000,000
Cr Paid-In Capital in Excess of Par - C/S 1,750,000
b) Jan 2
Dr Cash 5,000,000
Cr Common Stock 5,000,000
c) Jan 2
Dr Cash 5,000,000
Dr Paid-In Capital in Excess of Par - C/S 1,750,000
Cr Common Stock 6,750,000
d) Jan 2
Dr Cash 1,000,000
Cr Common Stock 1,000,000

7. The entry to record the issuance of common stock at a price above par includes a debit to
a)organizational expenses
b)common stock
c)cash
d)paid-in Capital in excess of Par-Common Stock

8. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding?
a)40,000
b)70,000
c)50,000
d)60,000

9. Treasury stock that had been purchased for $6,400 last month was reissued this month for $8,500. The journal entry to record the reissuance would include a credit to
a)treasury stock for $8,500
b)Paid-in Capital from treasury stock for $8,500
c)paid-in capital from treasury stock for $2,100
d)stockholders equity will not change

10. In which section of the balance sheet would Treasury Stock be reported?
a)fixed assets
b)long-term liabilities
c)stockholders equity
d)intangible assets

11. 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

12. All of the following are normally found in a corporation's stockholders' equity section except

a)common stock
b)paid-in capital in excess of par
c)dividends in arrears
d)retained earning
Submitted: 4 years ago.
Category: Homework
Expert:  Bizhelp replied 4 years ago.
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Bizhelp, CPA
Category: Homework
Satisfied Customers: 5765
Experience: Bachelors Degree and CPA with Accounting work experience
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