# Shared Flashcard Set

## Details

ACC 201
Chapter 13 Quick Check
10
Accounting
06/29/2016

Term
 Double Taxation
Definition
 Which characteristic is a disadvantage?A) Mutual AgencyB) Double TaxationC) Limited LiabilityD) None are disadvantages
Term
 Paid in capital and retained earnings
Definition
 The two sources of stockholders' equity are:A) Assets and equityB) Preferred and commonC) Retained earnings and dividendsD) Paid in capital and retained earnings
Term
 Debit cash 1,600,000Credit Common Stock - \$0.10 par value 40,000Credit Paid in capital in excess of par - common 1,560,000
Definition
 Suppose Value Home and Garden Imports issued 400,000 shares of \$0.10 par value common stock at \$4 per share. Which journal entry correctly records the issuance of this stock?
Term
 Market Value
Definition
 Suppose Yummy Treats Bakery issues common stock in exchange for a building. Yummy Treats Bakery should record the building at:A) the par value of the stock givenB) its book valueC) its market valueD) a value assigned by the board of directors
Term
 Treasury stock
Definition
 A company's own stock that it has issued and repurchased is called:A) outstanding stockB) dividend stockC) issued stockD) treasury stock
Term
 Decreased total equity by \$6,600Debit Treasury stock by \$6,600Credit cash by \$6,600
Definition
 Assume that a company paid \$6 per share to purchase 1,100 shares of its \$3 par common stock as treasury stock. The purchase of treasury stockA) increased total equity by #3,300B) decreased total equity by \$3,300C) decreased total equity by \$6,600D) increased total equity by \$6,600
Term
 \$46,8004% * \$10 * 9,000 * 2 years = \$7,200\$54000 - \$7200 = \$46,800
Definition
 Winston Corporation has 9,000 shares of 4%, \$10 par cumulative preferred stock and 47,000 shares of common stock outstanding. Winston declared no dividends in 2015 and had no dividends in arrears prior to 2015. In 2016, Winston declares dividends of \$54000. How much of the dividends go to the common stockholders?
Term
 has no effect on total equity
Definition
 A small stock dividendA) increases retained earningsB) decreases common stockC) has no effect on total equityD) all of the above
Term
 \$34,000(\$15 * 8000) + (-\$86000)
Definition
 Jackson health foods has 8,000 shares of \$2 par common stock outstanding, which were issued at \$15 per share. Jackson also has a deficit balance in Retained Earnings of \$86,000. How much is Jackson's total stockholders' equity?A) \$16,000B) \$120,000C) \$206,000D) \$34,000
Term
 12%(24000-12000)/100,000
Definition
 What is Dale's rate of return on common stock holders' equity if his net income is \$24,000, preferred dividends issued were \$12,000 and Average common stockholder's equity totals \$100,000?A) 24%B) 50%C) 12%D) 36%
Supporting users have an ad free experience!