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Exam 11: Corporations: Organization, Stock Transactions, and Dividends

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Question 91

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Journalize the following selected transactions completed during the current fiscal year:

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Question 92

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When a corporation issues stock at a premium, it reports the premium as an other income item on the income statement.

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Question 93

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A company had the following stockholders equity information available at year end. - issued 11,000 shares of $2.00 par value common stock for $12.00 per share - issued 5,000 shares of $50 par value 6% preferred stock for $70 per share - purchased 1,000 shares of previously issued common stock for $15.00 per share -reported net income of $200,000 - declared and paid the preferred stock dividend Calculate the earnings per share for the current year.

Sabas Company has 20,000 shares of $100 par, 1% non-cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Determine the dividends per share for preferred and common stock for each year.

If a corporation is liquidated, preferred stockholders are paid before the creditors and before the common stockholders.

Miriah Inc. has 6,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2012. What is the annual dividend on the preferred stock?

At December 31st, the Jeter Company had the following ending balances; Retained Earnings - $100,000 Preferred Stock ($100 par, 7% cumulative, 10,000 authorized, 5,000 issued and outstanding) - 500,000 Treasury stock - $35,000 Additional paid in capital - common stock - 400,000 Additional paid in capital - preferred stock - 50,000 Common stock ($5.00 par value, 100,000 shares authorized, 60,000 issued) - 300,000 Prepare the stockholders equity section of the balance sheet in good form with all of the required disclosures. .

The entry to record the issuance of common stock at a price above par includes a debit to