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ACC 206 Week 6 Quiz Chapter 14

ACC 206 Week 6 Quiz Chapter 14

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ACC 206 Week 6 Quiz Chapter 14 -

Multiple Choice Question 75

On January 1, Key Corporation had 2,000,000 shares of $10 par value common stock outstanding. On March 31, the company declared a 20% stock dividend. Market value of the stock was $15/share. As a result of this event,

  • Key’s total stockholders’ equity was unaffected.
  • Key’s Paid-in Capital in Excess of Par account increased $2,000,000.
  • All of these answer choices are correct.
  • Key’s Stock Dividends account increased $6,000,000.

 

Multiple Choice Question 59

Burnell, Inc. has 5,000 shares of 4%, $50 par value, cumulative preferred stock and 100,000shares of $1 par value common stock outstanding at December 31, 2013, and December 31, 2012. The board of directors declared and paid a $8,000 dividend in 2013. In 2014, $30,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2014?

               Preferred                 Common

  • $12,000                       $18,000
  • $10,000                       $20,000
  • $18,000                       $12,000
  • $15,000                       $15,000

 

Multiple Choice Question 81

CCCR Inc., has 2,000 shares of 6%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2013, and December 31, 2014. The board of directors declared and paid a $4,000 dividend in 2013. In 2014, $24,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2014?

  • $12,000
  • $8,000
  • $6,000
  • $16,000

Multiple Choice Question 92

Kramer Co. had retained earnings of $30,000 on the balance sheet but disclosed in the footnotes that $6,000 of retained earnings was restricted for building expansion and $2,000 was restricted for bond repayments. Cash of $4,000 had been set aside for the plant expansion. How much of retained earnings is available for dividends?

  • $18,000
  • $22,000
  • $24,000
  • $30,000

 

Multiple Choice Question 90

Sebold Manufacturing declared a 10% stock dividend when it had 700,000 shares of $3 par value common stock outstanding. The market price per common share was $12 per share when the dividend was declared. The entry to record this dividend declaration includes a credit to

  • Common Stock Dividends Distributable for $840,000.
  • Paid-in Capital in Excess of Par for $630,000.
  • Common Stock for $210,000.
  • Stock Dividends for $210,000.

 

Multiple Choice Question 62

Corporations generally issue stock dividends in order to

  • exceed stockholders' dividend expectations.
  • increase the marketability of the stock.
  • increase the market price per share.
  • decrease the amount of capital in the corporation.

 

Multiple Choice Question 61

The board of directors must assign a per share value to a stock dividend declared that is

  • greater than the par or stated value.
  • less than the par or stated value.
  • equal to the par or stated value.
  • at least equal to the par or stated value.

 

Multiple Choice Question 46

Regular dividends are declared out of

  • Retained Earnings.
  • Paid-in Capital in Excess of Par.
  • Treasury Stock.
  • Common Stock.

 

Multiple Choice Question 64

When stock dividends are distributed,

  • No entry is necessary if it is a large stock dividend.
  • Common Stock Dividends Distributable is decreased.
  • Retained Earnings is decreased.
  • Paid-in Capital in Excess of Par is debited if it is a small stock dividend.

 

Multiple Choice Question 125

The date a cash dividend becomes a binding legal obligation to a corporation is the

  • earnings date.
  • record date.
  • payment date.
  • declaration date.

 

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