Reference no: EM133180530
Questions -
Q1. Several company has 10,000 shares of $100 par for percent cumulative preferred stock and 100,000 shares of $10 part common stock all pass dividends for preferred shareholders have been paid dividends totaling $80,000 have been declared determined the dividends per share for preferred and common stock for the year
A. $4.00 & $4.00
B. $4.00 & $0.40
C. $2.00 & $0.40
D. $2.00 & $4.00
Q2. On January 1 Vermont corporation had 40,000 shares of $10 par value come in stock issued an outstanding of 40,000 shares had been issued in a prior. At $20 per share on February 1 Vermont purchased 3750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1 the journal entry to record the purchase of the treasury shares on February 1 would include...
A. Credit to treasury stock for $90,000
B. Debit to treasury stock for $90,000
C. Debit to a loss account for $112,500
D. Credit to a gain account for $112,500
Q3. How is treasury stock shown on a balance sheet
A. As an asset
B. As a decrease in stockholders equity
C. As an increase in stockholders equity
D. Treasury stock is not shown on the balance sheet
Q4. Treasure stock that had been purchased for $5600 last month was re-issued this month for $8500 the journal entry to record the reassurance would include a credit to
A. Treasury stock for $8500
B. Paid in capital from sale of treasury stock for $8500
C. Paid in capital in excess of par Commons stock for $2900
D. Paid in capital from sale of treasury stock for $2900
Q5. A corporation purchased 1000 shares of its own five dollar par common stock at $10 and subsequently sold 500 of the shares at $19 what is the amount credited to paid in capital treasury stock?
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