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Category: Multiple Problems
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Experience:  BS Accounting
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Neo! Question: In the stockholders equity section of the

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Neo!

Question: In the stockholders' equity section of the balance sheet, the classification of capital stock consists of


A. Additional paid-in capital and common stock
B. Common stock and treasury stock
C. Common stock, preferred stock, and treasury stock
D. Common stock and preferred stock

Question: Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a


A. Credit to Paid-in Capital from Treasury Stock for $9,000
B. Credit to Retained Earnings for $9,000
C. Debit to Paid-in Capital from Treasury Stock for $45,000
D. Debit to Retained Earnings for $45,000

Question: The financial statements of Gentry Manufacturing Company report net sales of $400,000 and accounts receivable of $80,000 and $40,000 at the beginning and end of the year, respectively. What is the receivables turnover ratio for Gentry?


A. 6.7 times
B. 10 times
C. 5 times
D. 8 times

Question: Martin's Mail Service purchased equipment for $2,500. Martin paid $500 in cash and signed a note for the balance. Martin debited (increased) the Equipment account, credited (decreased) the Cash account and


A. nothing further must be done.
B. debited (increased) the Martin, Capital account for $2,000.
C. credited (reduced) some other asset account for $2,000.
D. credited (increased) a liability account for $2,000.

Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?


A. $0
B. $180,000
C. $540,000
D. $720,000

Question: The balance in the Prepaid Rent account before adjustment at the end of the year is $15,000, which represents three months' rent paid on December1. The adjusting entry required on December 31 is to


A. debit (increase) Rent Expense, $5,000; credit (decrease) Prepaid Rent, $5,000.
B. debit (increase) Rent Expense, $10,000; credit (decrease) Prepaid Rent, $10,000.
C. debit (increase) Prepaid Rent, $5,000; credit (decrease) Rent Expense, $5,000.
D. debit (increase) Prepaid Rent, $10,000; credit (decrease) Rent Expense, $10,000.

December 31, 2011. There were no dividends declared in 2009. The board of directors declares and pays a $45,000 dividend in 2010 and in 2011. What is the amount of dividends received by the common stockholders in 2011?


A. $15,000
B. $25,000
C. $45,000
D. $0

Question: Omega Company pays its employees twice a month, on the 7th and the 21st. On June 21, Omega Company paid employee salaries of $4,000. This transaction would


A. Increase owner’s equity by $4,000
B. Decrease the balance in Salaries Expense by $4,000
C. Decrease net income for the month by $4,000
D. Be recorded by a $4,000 debit to Salaries Payable and a $4,000 credit to Salaries Expense

Question: Notes payable is


A. A liability reported on the Income Statement.
B. A liability reported on the Balance Sheet.
C. Reported only when paid.
D. An expense reported on the Income Statement.

Question: A plant asset cost $45,000 when it was purchased on January 1, 2003. It was depreciated by the straight-line method based on a nine-year life with no salvage value. On June 30, 2010, the asset was discarded with no cash proceeds. What gain or loss should be recognized on the retirement?


A. No gain or loss
B. $10,000 loss
C. $7,500 loss
D. $5,000 gain
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Neo replied 2 years ago.
Good day!

This question requires more information:

Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?

Expert:  Neo replied 2 years ago.
Good day!

This question has also the same case:

December 31, 2011. There were no dividends declared in 2009. The board of directors declares and pays a $45,000 dividend in 2010 and in 2011. What is the amount of dividends received by the common stockholders in 2011?

Customer: replied 2 years ago.

Thank you for catching these!

 

Question: On January 2, 2007, Pacer Corporation issued 30,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2010, Pacer Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?

A.$0
B.$180,000
C.$540,000
D.$720,000

 

Question: Anders, Inc. has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2009. The board of directors declares and pays a $45,000 dividend in 2010 and in 2011. What is the amount of dividends received by the common stockholders in 2011?

A.$15,000
B.$25,000
C.$45,000
D.$0
Expert:  Neo replied 2 years ago.

Please download HERE.

Thank you so much! :)
Neo, Bachelor's Degree
Satisfied Customers: 12062
Experience: BS Accounting
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