Question :
Learning Objective 8-6
1) Team Shirts issued 20,000 shares of stock : 1253380
Learning Objective 8-6
1) Team Shirts issued 20,000 shares of stock for $20 per share. This transaction increased Cash $400,000 and increased ________ $400,000.
A) Paid-in capital
B) Retained earnings
C) Additional paid-in capital
D) Treasury stock
2) Team Shirts issued 20,000 shares of $2 par value stock for $20 per share. This transaction increased Cash $400,000 and increased Common stock ________.
A) $400,000
B) $20,000
C) $40,000
D) $360,000
3) Team Shirts issued 20,000 shares of $2 par value stock for $20 per share. This transaction increased Cash $400,000 and increased Additional paid-in capital ________.
A) $400,000
B) $0
C) $380,000
D) $360,000
4) Use the information below to answer the following question:
Common stock, $1 par, 100,000 shares authorized, ___________ shares issued
$ 40,000
Additional paid-in capital
160,000
Retained earnings
100,000
Treasury stock (1,000 shares at cost)
( 6,000)
Total shareholders’ equity
$294,000
This information is part of the company’s ________.
A) income statement
B) balance sheet
C) statement of cash flows
D) statement of operations
5) Use the information below to answer the following question:
Common stock, $1 par, 100,000 shares authorized,
____________ shares issued$ 40,000
Additional paid-in capital160,000
Retained earnings100,000
Treasury stock (1,000 shares at cost)(6,000)
Total shareholders’ equity$294,000
What is the average price for which a share of stock was issued?
A) $1.00
B) $5.00
C) $6.00
D) $7.35
6) Use the information below to answer the following question:
Common stock, $1 par, 100,000 shares
authorized, ________ shares issued$ 40,000
Additional paid-in capital160,000
Retained earnings100,000
Treasury stock (1,000 shares at cost)(6,000)
Total shareholders’ equity$294,000
How much of this company’s capital was paid-in by shareholders?
A) $ 40,000
B) $160,000
C) $200,000
D) $294,000
7) Use the information below to answer the following question:
Common stock, $1 par, 100,000 shares
authorized, _________ shares issued$ 40,000
Additional paid-in capital160,000
Retained earnings100,000
Treasury stock (1,000 shares at cost)(6,000)
Total shareholders’ equity$294,000
How many shares of common stock are outstanding?
A) 34,000 shares
B) 40,000 shares
C) 1,000 shares
D) 39,000 shares
8) Use the information below to answer the following question:
Common stock, $1 par, 100,000 shares
authorized, ________ shares issued$ 50,000
Additional paid-in capital250,000
Retained earnings100,000
Treasury stock (1,000 shares at cost)(4,000)
Total shareholders’ equity$396,000
This information is part of the company’s ________.
A) income statement
B) balance sheet
C) statement of cash flows
D) statement of operations
9) Use the information below to answer the following question:
Common stock, $1 par, 100,000 shares
authorized, ________ shares issued$ 50,000
Additional paid-in capital250,000
Retained earnings100,000
Treasury stock (1,000 shares at cost)(4,000)
Total shareholders’ equity$396,000
What is the average price for which a share of stock was issued?
A) $1.00
B) $6.00
C) $3.00
D) $7.92
10) Use the information below to answer the following question:
Common stock, $1 par, 100,000 shares
authorized, ________ shares issued$ 50,000
Additional paid-in capital250,000
Retained earnings100,000
Treasury stock (1,000 shares at cost)(4,000)
Total shareholders’ equity$396,000
How much of this company’s capital was paid-in by shareholders?
A) $ 50,000
B) $250,000
C) $300,000
D) $396,000
