29 Jun Question Question 1 A company with 100,00
Question
Question 1
A company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8. Subsequently, the company declared a 4% stock dividend on a date when the market price was $12 a share. What is the amount transferred from the Retained Earnings account to Paid-in Capital accounts as a result of the stock dividend?
Answer
$12,800
$19,200
$32,000
$48,800
Question 2
A corporation has 50,000 shares of $25 par value stock outstanding that has a current market value of $150. If the corporation issues a 5-for-1 stock split, the market value of the stock after the split will be approximately:
Answer
$25
$150
$5
$30
Question 3
A corporation has 50,000 shares of $25 par value stock outstanding that has a current market value of $120. If the corporation issues a 5-for-1 stock split, the par value of the stock after the split will be:
Answer
$5
$60
$25
$24
Question 4
A corporation issues 1,500 shares of common stock for $ 32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Answer
$15,000
$32,000
$17,000
$2,000
Question 5
A corporation purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized from the sale?
Answer
$0
$5,000
$2,500
$10,000
Question 6
A disadvantage of the corporate form of business entity is
Answer
mutual agency for stockholders
unlimited liability for stockholders
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