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ACC 12

Dividend yield equals:
Dividends per share divided by market price per share
Which of the following phrases is not descriptive of the corporate form of business?
Unlimited liability
Par Value
Is the legal capital established for a share of stock
A good measure of confidence in a corporation’s future is
Price/earnings ratio
Which of the following is the appropriate entry to record the declaration of cash dividends?
Debit: Dividends Credit: Dividends Payable
The board of directors of Irondale Corporation declared a cash dividend of $2.50 per share on 57,000 shares of common stock on June 14, 2010. The dividend is to be paid on July 15, 2010, to shareholders of record on July 1, 2010. The proper entry to be recorded on July 15, 2010, will be:
Debit: Dividends payable Credit: Cash
The number of shares of issued stock equals:
Outstanding shares plus treasury stock
All of the following normally are found in a corporation’s stockholders’ equity section except
Dividends payable
Holders of preferred stock normally do not have:
Full voting rights
Outstanding shares of stock are
Issued shares that are still in circulation
Legal capital is a descriptive phrase for
Par value
How should dividends in arrears be shown on a corporation’s balance sheet?
In a note or in the body of the financial statements
When shares of preferred stock may be redeemed by the corporation at a certain price, the shares are said to be
1. Honig Corporation had the following shares of stock outstanding on December 31, 2010:

Common stock, $50 par value, 100,000 shares outstanding
Preferred stock, 8%, Cumulative, $100 par value, 10,000 shares outstanding
Dividends were in arrears for 2008 and 2009

On December 31, 2010, total cash dividends of $400,000 were declared. The total amounts payable to preferred and common stockholders respectfully are:

$240,000 and $160,000
Start up and organization costs
Are expensed in the year incurred
The net effects on the corporation of the declarations and payment of a cash dividend are to:
Decrease assets and decrease stockholders equity
1. Beckham Corporation has 3,000 shares of $100 par value, 7% cumulative preferred stock, and 10,000 shares of $10 par value common stock outstanding during its first five years of operations. Beckham Corporation paid cash dividends as follows:

2006: $30,000
2007: 0
2008: $65,000
2009: $30,000
2010″ $15,000
The amount of dividends received by the common stockholders during 2009 was:

$ 9,000
he excess of the issue price over the stated value of a no-par common stock should be credited to:
Additional paid in capital
When stock is issued for non cash assets or services, the dollar amount to be recorded for this exchange is determined by the
Market value of the stock or the market value of the consideration received when the market value of the stock cannot be determined
A corporations’ residual equity is its:
Common stock
Which of the following would not affect the balance of the Retained Earnings account?
Stock split
How will the declaration and distribution of a 10% stock dividend affect the issuing corporation’s balance of retained earnings and total stockholders’ equity, respectively?
Decrease and no effect
The corporation issued 400 shares of stock to its lawyer in full payment of the $10,000 bill for assisting the company in drawing up its articles of incorporation and filing the proper papers with the state authority.
Debit 10,000 Additional
Credit 4000 Common
Credit 6000
The company issued 16,000 shares of stock at a price of $50 per share.
Debit 800,000 Cash
Credit 160,000 Common
Credit 640,000 Additional payed in capital
The company issued 14,000 shares of stock in exchange for equipment that had a fair market value of $320,000.
Debit 320,000 Equipment
Credit 140,000 Common
Credit 180,000 Additional Payed in Capital

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