29 Jun Question Question 1 A factor which distinguishes the corporat
Question
Question 1
A factor which distinguishes the corporate form of organization from a sole proprietorship or partnership is that a
corporation is organized for the purpose of making a profit.
corporation is subject to more federal and state government regulations.
corporation’s temporary accounts are closed at the end of the accounting period.
corporation is an accounting economic entity.
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Question 2
The following data is available for Blaine Corporation at December 31, 2012:
Common stock, par $10 (authorized 25,000 shares) $200,000
Treasury Stock (at cost $15 per share) 900
Based on the data, how many shares of common stock are outstanding?
19,940
24,940
25,000
20,000
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Question 3
On January 1, Collins Corporation had 800,000 shares of $10 par value common stock outstanding. On March 31, the company declared a 15% stock dividend. Market value of the stock was $15/share. As a result of this event,
Collins’ Paid-in Capital in Excess of Par account increased $600,000.
Collins’ total stockholders’ equity was unaffected.
Collins’ Stock Dividends account increased $1,800,000.
All of the above.
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Question 4
Dillon Corporation splits its common stock 2 for 1, when the market value is $40 per share. Prior to the split, Dillon had 50,000 shares of $10 par value common stock issued and outstanding. After the split, the par value of the stock
is reduced to $20 per share.
remains the same.
is reduced to $2 per share.
is reduced to $5 per share.
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Question 5
A major disadvantage resulting from the use of bonds is that
taxes may increase.
earnings per share may be lowered.
interest must be paid on a periodic basis.
bondholders have voting rights.
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Question 6
Bargain Company has $1,600,000 of bonds outstanding. The unamortized premium is $21,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption?
$16,000 loss
$5,600 loss
$16,000 gain
$5,600 gain
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Question 7
Horton Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
$479,600.
$476,000.
$475,600.
$480,000.
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Question 8
Wise Company owns 30% interest in the stock of Dark Corporation. During the year, Dark pays $20,000 in divide
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