Reference no: EM132617438
Questions -
Q1. Common stock with a total par value of $50,000 (par value of $0.50 per share) have been issued, and 5,000 shares of treasury stock with a total cost of $25,000 have been repurchased. How many total shares are outstanding?
a. 95,000
b. 100,000
c. 105,000
d. 75,000
Q2. On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per share. Starbar Corp. then reissued 500 of those shares for $11 per share on July 1. The required journal for July 1 includes what debit(s) and credit(s)? Assume no other treasury stock transactions.
a. Debit Cash $5,500; Credit Treasury Stock $5,500.
b. Debit Cash $5,000; Debit APIC-Treasury Stock $500; Credit Treasury Stock $5,500
c. Debit Treasury Stock $5,000; Credit Cash $5,500
d. Debit Cash $5,500; Credit Treasury Stock $5,000; Credit APIC-Treasury Stock $500
Q3. Redhawk Coffee Roasters has a single class of common stock and a single class of cumulative preferred stock. The cumulative preferred stock requires the company to pay an annual dividend of $5,000 to preferred stockholders. Redhawk's preferred dividends are currently 2 years in arrears. If Redhawk Coffee Roasters pays out $18,000 of dividends, how much will be allocated to the holders of common stock?
a. $8,000
b. $18,000
c. $10,000
d. $0
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