Reference no: EM131016666
7. On January 1, 2013, Mehrzad Co. Issued 10,000 shares of $1 par stock for total proceeds of $60,000. The consequence of this transaction would be:
a. Reduce cash by $50,000
b. Increase Retained Earnings by $50,000
c. Increase common stock at par by $50,000
d. Increase Additional Paid-in Capital by $50,000
8. (Continued from Problem 7 above). On October 31, 2013 Mehrzad recorded a stock dividend of 10% when the market price of the stock was $7/share. The consequence of this transaction would be:
a. Increase shares outstanding by 5,000 shares
b. Decrease Retained Earnings by $,7000
c. No effect on the account additional paid in capital
d. No effect on the account common stock at par
e. Reduce cash by $7,000
9. (Continued from Problems 7 and 8 above). On December 1, 2013, Mehrzad bought 3,000 shares at a price of $7/share. The consequence of this transaction would be to:
a. Change shares outstanding to 8,000 shares
b. Reduce Retained Earnings by $21,000
c. Increase cash by $21,000
d. Reduce Additional Paid-in Capital by $21,000
10. (Continued from Problems 7, 8, and 9 above). On December 22, 2013 Mehrzad sold the shares in treasury stock for S9/share. The balance in the Additional Paid-in Capital account after this sale would be:
a. $49,000
b. $44,000
c. $50,000
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