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ACC 206 Week 5 Quiz Chapter 13

ACC 206 Week 5 Quiz Chapter 13

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ACC 206 Week 5 Quiz Chapter 13 -

Multiple Choice Question 76             

If stock is issued for a noncash asset, the asset should be recorded on the books of the corporation at

  • a nominal amount.
  • fair value.
  • cost.
  • zero.


Multiple Choice Question 105           

Treasury stock is

  • a corporation's own stock which has been issued and subsequently reacquired but not retired.
  • stock purchased by a corporation and held as an investment in its treasury.
  • stock issued by the U.S. Treasury Department.
  • corporate stock issued by the treasurer of a company.


Multiple Choice Question 53             

The officer who is generally responsible for maintaining the cash position of the corporation is the

  • internal auditor.
  • controller.
  • treasurer.
  • cashier.


Multiple Choice Question 70

Retained earnings

  • reflects cash paid in by stockholders to date.
  • is unique to the corporate form of business.
  • is closed at the end of the year.
  • is an optional account in the partnership form of business.

Multiple Choice Question 147           

Additional paid-in capital includes all of the following except the amounts paid in

  • from treasury stock.
  • over stated value.
  • for the par value of common stock.
  • over par value.


Multiple Choice Question 112

Ten thousand shares of treasury stock of E. Marcos, Inc., previously acquired at $14 per share, are sold at $20 per share. The entry to record this transaction will include a

  • debit to Treasury Stock for $140,000.
  • credit to Treasury Stock for $200,000.
  • credit to Paid-In Capital from Treasury Stock for $60,000.
  • debit to Paid-In Capital from Treasury Stock for $60,000.


Multiple Choice Question 97

Conecuh Manufacturing Corporation purchased 8,000 shares of its own previously issued $10 par common stock for $184,000. As a result of this event,

  • All of these answer choices are correct.
  • Conecuh’s Paid-in Capital in Excess of Par account decreased $104,000.
  • Conecuh’s Common Stock account decreased $80,000.
  • Conecuh’s total stockholders’ equity decreased $184,000.


Multiple Choice Question 114

Fire Red Company is authorized to issue 20,000 shares of 8%, $100 par value preferred stock and 1,000,000 shares of no-par common stock with a stated value of $1 per share. If Fire Red issues 10,000 shares of preferred stock for land with an asking price of $1,020,000 and a market value of $1,080,000, which of the following would be the journal entry for Fire Red to record?


  • Land                1,080,000                   

     Preferred Stock                                          1,080,000


  • Land                1,200,000                   

                         Preferred Stock                                              1,000,000

                        Paid-in Capital in Excess of Par-Preferred     200,000


  • Land                1,080,000                   

 Preferred Stock                                              1,000,000

 Paid-in Capital Excess of Par-Preferred        80,000


  • Land                1,000,000                   

                        Preferred Stock                                               1,000,000


Multiple Choice Question 82             

Sunshine Company issued 4,000 shares of its $5 par value common stock in payment of its attorney's bill of $80,000. The bill was for services performed in helping the company incorporate. Crain should record this transaction by debiting

  • Legal Expense for $20,000.
  • Legal Expense for $80,000.
  • Organization Expense for $20,000.
  • Organization Expense for $80,000.


Multiple Choice Question 91             

Kaenzig Coffee Company issued 1,000 shares of no-par common stock for $11,000. Which of the following journal entries would be made if the stock has a stated value of $2 per share?


  • Cash                11,000            

                         Common Stock                                              11,000


  • Cash                11,000            

                        Common Stock                                               2,000

             Paid-in Capital in Excess of Stated Value                 9,000


  • Common Stock                       11,000            

                                    Cash                                                    11,000                        


  • Cash                                        11,000            

                         Common Stock                                              2,000

     Paid-in Capital in Excess of Par                                        9,000




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