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1. On September 1, 2000, Galaxy Corporation’s common stock
was selling at a market price of $150 per share. On that date, Galaxy announced
a 3 for 2 stock split. At what price would you expect the stock to trade
immediately after the split goes into effect?

Answer

• Question
2
2.45 out of 2.45 points

2. When treasury stock is reissued at a price
above cost:

Answer

• Question
3
2.45 out of 2.45 points

3. Alpha Corporation is authorized to issue
2,000,000 shares of $3 par value capital stock. The corporation issued half the
stock for cash at $8 per share, earned $90,000 during the first three months of
operation, and declared a cash dividend of $15,000. The total paid-in capital
of Alpha Corporation after three months of operation is:

Answer

• Question
4
2.45 out of 2.45 points

4. Bijou Corporation issued 200,000 shares of
$5 par value common stock at the time of its incorporation. The stock was
issued for cash at a price of $20 per share. During the first year of
operations, the company sustained a net loss of $100,000. The year-end balance
sheet would show the balance of the Common Stock account to be:

Answer

• Question
5
2.45 out of 2.45 points

5. Adella Corporation has outstanding 50,000
shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par
value cumulative preferred stock. At the beginning of the year, the balance in
retained earnings was $500,000, and one year’s dividends were in arrears. Net
income for the current year is $260,000. Compute the balance in retained
earnings at the end of the year if Adella Corporation pays a dividend of $2 per
share on its common stock this year.

Answer

• Question
6
2.45 out of 2.45 points

Use the following to answer
question 6 :
On January 1, 2002, Moon Corporation issued 80,000 shares of
its total 200,000 authorized shares of $3 par value common stock for $10 per
share. On December 31, 2002, Moon Corporation’s common stock is trading at $15
per share.
6. Refer to the above
data. Assuming Moon Corporation did not issue any more common stock in 2002,
how does the increase in value of its outstanding stock affect Moon?

Answer

• Question
7
2.45 out of 2.45 points

Use the following to answer
questions 7 – 10:
Shown below is information relating to the stockholders’
equity of Surf Corporation as of December 31, 2001:

8% cumulative preferred stock, $100 par,
Callable at $106 $
200,000
Common stock, $10 par, 500,000 shares
Authorized, 80,000
shares issued and outstanding 800,000
Additional paid-in capital: common stock 300,000
Retained earnings (Deficit) (20,000)
Dividends in arrears 16,000

7. Refer to the above
data. How many shares of preferred stock are issued and outstanding?

Answer

• Question
8
2.45 out of 2.45 points

8. Refer to the above data. What was the
original issue price per share of common stock?

Answer

• Question
9
2.45 out of 2.45 points

9. Refer to the above data. Compute total
paid-in capital.

Answer

• Question
10
2.45 out of 2.45 points

10. Refer to the above data. Total
stockholders’ equity is:

Answer

• Question
11
2.45 out of 2.45 points

11. Which of the following
individuals has the most power to influence corporate policy on a long-term
basis?
Answer

• Question
12
2.45 out of 2.45 points

12. The overall effect of declaring and
distributing a cash dividend includes each of the following except:
Answer

• Question
13
2.45 out of 2.45 points

13. The financial statements of a
corporation that failed during the current year to pay any dividends on its
cumulative preferred stock should:
Answer

• Question
14
2.45 out of 2.45 points

14. Which of the following best describes the
book value of a share of stock?
Answer

1. On September 1, 2000, Galaxy Corporation’s common stock
was selling at a market price of $150 per share. On that date, Galaxy announced
a 3 for 2 stock split. At what price would you expect the stock to trade
immediately after the split goes into effect?

Answer

• Question
2
2.45 out of 2.45 points

2. When treasury stock is reissued at a price
above cost:

Answer

• Question
3
2.45 out of 2.45 points

3. Alpha Corporation is authorized to issue
2,000,000 shares of $3 par value capital stock. The corporation issued half the
stock for cash at $8 per share, earned $90,000 during the first three months of
operation, and declared a cash dividend of $15,000. The total paid-in capital
of Alpha Corporation after three months of operation is:

Answer

• Question
4
2.45 out of 2.45 points

4. Bijou Corporation issued 200,000 shares of
$5 par value common stock at the time of its incorporation. The stock was
issued for cash at a price of $20 per share. During the first year of
operations, the company sustained a net loss of $100,000. The year-end balance
sheet would show the balance of the Common Stock account to be:

Answer

• Question
5
2.45 out of 2.45 points

5. Adella Corporation has outstanding 50,000
shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par
value cumulative preferred stock. At the beginning of the year, the balance in
retained earnings was $500,000, and one year’s dividends were in arrears. Net
income for the current year is $260,000. Compute the balance in retained
earnings at the end of the year if Adella Corporation pays a dividend of $2 per
share on its common stock this year.

Answer

• Question
6
2.45 out of 2.45 points

Use the following to answer
question 6 :
On January 1, 2002, Moon Corporation issued 80,000 shares of
its total 200,000 authorized shares of $3 par value common stock for $10 per
share. On December 31, 2002, Moon Corporation’s common stock is trading at $15
per share.
6. Refer to the above
data. Assuming Moon Corporation did not issue any more common stock in 2002,
how does the increase in value of its outstanding stock affect Moon?

Answer

• Question
7
2.45 out of 2.45 points

Use the following to answer
questions 7 – 10:
Shown below is information relating to the stockholders’
equity of Surf Corporation as of December 31, 2001:

8% cumulative preferred stock, $100 par,
Callable at $106 $
200,000
Common stock, $10 par, 500,000 shares
Authorized, 80,000
shares issued and outstanding 800,000
Additional paid-in capital: common stock 300,000
Retained earnings (Deficit) (20,000)
Dividends in arrears 16,000

7. Refer to the above
data. How many shares of preferred stock are issued and outstanding?

Answer

• Question
8
2.45 out of 2.45 points

8. Refer to the above data. What was the
original issue price per share of common stock?

Answer

• Question
9
2.45 out of 2.45 points

9. Refer to the above data. Compute total
paid-in capital.

Answer

• Question
10
2.45 out of 2.45 points

10. Refer to the above data. Total
stockholders’ equity is:

Answer

• Question
11
2.45 out of 2.45 points

11. Which of the following
individuals has the most power to influence corporate policy on a long-term
basis?
Answer

• Question
12
2.45 out of 2.45 points

12. The overall effect of declaring and
distributing a cash dividend includes each of the following except:
Answer

• Question
13
2.45 out of 2.45 points

13. The financial statements of a
corporation that failed during the current year to pay any dividends on its
cumulative preferred stock should:
Answer

• Question
14
2.45 out of 2.45 points

14. Which of the following best describes the
book value of a share of stock?
Answer

1. On September 1, 2000, Galaxy Corporation’s common stock
was selling at a market price of $150 per share. On that date, Galaxy announced
a 3 for 2 stock split. At what price would you expect the stock to trade
immediately after the split goes into effect?

Answer

• Question
2
2.45 out of 2.45 points

2. When treasury stock is reissued at a price
above cost:

Answer

• Question
3
2.45 out of 2.45 points

3. Alpha Corporation is authorized to issue
2,000,000 shares of $3 par value capital stock. The corporation issued half the
stock for cash at $8 per share, earned $90,000 during the first three months of
operation, and declared a cash dividend of $15,000. The total paid-in capital
of Alpha Corporation after three months of operation is:

Answer

• Question
4
2.45 out of 2.45 points

4. Bijou Corporation issued 200,000 shares of
$5 par value common stock at the time of its incorporation. The stock was
issued for cash at a price of $20 per share. During the first year of
operations, the company sustained a net loss of $100,000. The year-end balance
sheet would show the balance of the Common Stock account to be:

Answer

• Question
5
2.45 out of 2.45 points

5. Adella Corporation has outstanding 50,000
shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par
value cumulative preferred stock. At the beginning of the year, the balance in
retained earnings was $500,000, and one year’s dividends were in arrears. Net
income for the current year is $260,000. Compute the balance in retained
earnings at the end of the year if Adella Corporation pays a dividend of $2 per
share on its common stock this year.

Answer

• Question
6
2.45 out of 2.45 points

Use the following to answer
question 6 :
On January 1, 2002, Moon Corporation issued 80,000 shares of
its total 200,000 authorized shares of $3 par value common stock for $10 per
share. On December 31, 2002, Moon Corporation’s common stock is trading at $15
per share.
6. Refer to the above
data. Assuming Moon Corporation did not issue any more common stock in 2002,
how does the increase in value of its outstanding stock affect Moon?

Answer

• Question
7
2.45 out of 2.45 points

Use the following to answer
questions 7 – 10:
Shown below is information relating to the stockholders’
equity of Surf Corporation as of December 31, 2001:

8% cumulative preferred stock, $100 par,
Callable at $106 $
200,000
Common stock, $10 par, 500,000 shares
Authorized, 80,000
shares issued and outstanding 800,000
Additional paid-in capital: common stock 300,000
Retained earnings (Deficit) (20,000)
Dividends in arrears 16,000

7. Refer to the above
data. How many shares of preferred stock are issued and outstanding?

Answer

• Question
8
2.45 out of 2.45 points

8. Refer to the above data. What was the
original issue price per share of common stock?

Answer

• Question
9
2.45 out of 2.45 points

9. Refer to the above data. Compute total
paid-in capital.

Answer

• Question
10
2.45 out of 2.45 points

10. Refer to the above data. Total
stockholders’ equity is:

Answer

• Question
11
2.45 out of 2.45 points

11. Which of the following
individuals has the most power to influence corporate policy on a long-term
basis?
Answer

• Question
12
2.45 out of 2.45 points

12. The overall effect of declaring and
distributing a cash dividend includes each of the following except:
Answer

• Question
13
2.45 out of 2.45 points

13. The financial statements of a
corporation that failed during the current year to pay any dividends on its
cumulative preferred stock should:
Answer

• Question
14
2.45 out of 2.45 points

14. Which of the following best describes the
book value of a share of stock?
Answer

1. On September 1, 2000, Galaxy Corporation’s common stock
was selling at a market price of $150 per share. On that date, Galaxy announced
a 3 for 2 stock split. At what price would you expect the stock to trade
immediately after the split goes into effect?




Answer

• Question
2
2.45 out of 2.45 points



2. When treasury stock is reissued at a price
above cost:


Answer

• Question
3
2.45 out of 2.45 points



3. Alpha Corporation is authorized to issue
2,000,000 shares of $3 par value capital stock. The corporation issued half the
stock for cash at $8 per share, earned $90,000 during the first three months of
operation, and declared a cash dividend of $15,000. The total paid-in capital
of Alpha Corporation after three months of operation is:





Answer

• Question
4
2.45 out of 2.45 points



4. Bijou Corporation issued 200,000 shares of
$5 par value common stock at the time of its incorporation. The stock was
issued for cash at a price of $20 per share. During the first year of
operations, the company sustained a net loss of $100,000. The year-end balance
sheet would show the balance of the Common Stock account to be:





Answer

• Question
5
2.45 out of 2.45 points



5. Adella Corporation has outstanding 50,000
shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par
value cumulative preferred stock. At the beginning of the year, the balance in
retained earnings was $500,000, and one year’s dividends were in arrears. Net
income for the current year is $260,000. Compute the balance in retained
earnings at the end of the year if Adella Corporation pays a dividend of $2 per
share on its common stock this year.







Answer

• Question
6
2.45 out of 2.45 points



Use the following to answer
question 6 :
On January 1, 2002, Moon Corporation issued 80,000 shares of
its total 200,000 authorized shares of $3 par value common stock for $10 per
share. On December 31, 2002, Moon Corporation’s common stock is trading at $15
per share.
6. Refer to the above
data. Assuming Moon Corporation did not issue any more common stock in 2002,
how does the increase in value of its outstanding stock affect Moon?









Answer

• Question
7
2.45 out of 2.45 points



Use the following to answer
questions 7 – 10:
Shown below is information relating to the stockholders’
equity of Surf Corporation as of December 31, 2001:




8% cumulative preferred stock, $100 par,
Callable at $106 $
200,000
Common stock, $10 par, 500,000 shares
Authorized, 80,000
shares issued and outstanding 800,000
Additional paid-in capital: common stock 300,000
Retained earnings (Deficit) (20,000)
Dividends in arrears 16,000









7. Refer to the above
data. How many shares of preferred stock are issued and outstanding?


Answer

• Question
8
2.45 out of 2.45 points



8. Refer to the above data. What was the
original issue price per share of common stock?


Answer

• Question
9
2.45 out of 2.45 points



9. Refer to the above data. Compute total
paid-in capital.


Answer

• Question
10
2.45 out of 2.45 points



10. Refer to the above data. Total
stockholders’ equity is:


Answer

• Question
11
2.45 out of 2.45 points



11. Which of the following
individuals has the most power to influence corporate policy on a long-term
basis?
Answer




• Question
12
2.45 out of 2.45 points



12. The overall effect of declaring and
distributing a cash dividend includes each of the following except:
Answer



• Question
13
2.45 out of 2.45 points



13. The financial statements of a
corporation that failed during the current year to pay any dividends on its
cumulative preferred stock should:
Answer




• Question
14
2.45 out of 2.45 points



14. Which of the following best describes the
book value of a share of stock?
Answer



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