Question : 11) RH Corporation Stockholders’ Equity section includes the following information: Preferred : 1171125

 

11) RH Corporation Stockholders’ Equity section includes the following information:

 

Preferred Stock

$11,000

Paid-in Capital in Excess of Par Value-Preferred

20,000

Common Stock

20,000

Paid-in Capital in Excess of Par Value-Common

4,000

Retained Earnings

7,000

 

Total paid-in capital is:

A) $48,000.

B) $55,000.

C) $27,000.

D) $21,000.

12) The Zonga Corporation Stockholders’ Equity section includes the following:

 

Preferred Stock

$22,500

Common Stock

48,000

Paid-in Capital in Excess of Par Value-Preferred

3,450

Paid-in Capital in Excess of Par Value-Common

3,400

Retained Earnings

7,350

 

Total paid-in capital is:

A) $83,730.

B) $76,380.

C) $70,000.

D) $77,350.

13) The Collins Corporation Stockholders’ Equity section includes the following:

 

Preferred Stock

$13,000

Common Stock

15,000

Paid-in Capital in Excess of Par Value -Preferred

3,100

Paid-in Capital in Excess of Par Value -Common

4,100

Retained Earnings

8,200

 

What was the total amount preferred stock was sold for?

A) $12,000

B) $14,700

C) $16,100

D) $20,200

14) The TM Stockholders’ Equity section includes the following:

 

Preferred Stock

$3,800

Common Stock

5,950

Paid-in Capital in Excess of Par Value -Preferred

400

Paid-in Capital in Excess of Par Value -Common

1,750

Retained Earnings

6,000

 

What was the total amount common stock was sold for?

A) $7,700

B) $13,700

C) $11,500

D) $9,950

15) Preferred stock that is given a right to share with the common stock in dividends in excess of a stated preferred dividend rate is called:

A) nonparticipating.

B) participating.

C) cumulative.

D) noncumulative.

16) The Harvester Corporation issued 50 shares of $20 par value stock to its accountant. The shares are in full payment for her $900 fee for assistance in setting up the new company. The entry to record the issuance of the stock would include a:

A) credit to Common Stock for $900.

B) debit to Common Stock for $900.

C) credit to Common Stock for $1,000.

D) debit to Common Stock for $1,000.

17) In exchange for $1,500 legal services to help set up the new company, Hickory Grove Corporation issued 100 shares of $10 par value stock to its attorney. The entry to record the issuance of the stock would include a:

A) credit to Common Stock for $1,000.

B) debit to Common Stock for $1,000.

C) credit to Paid-in Capital in Excess of Par Value-Common for $500.

D) Both A and C

18) Washington Corporation issued 5,000 shares of its $20 par value common stock for $23 per share. The entry to record the issuance would include a:

A) credit to Cash for $115,000.

B) credit to Common Stock for $15,000.

C) credit to Common Stock for $100,000.

D) debit to Paid-in Capital in Excess of Par Value-Common for $15,000.

19) The Logan Company issued 140 shares of its $12 par value stock for $14 per share. The entry to record the receipt of cash and issuance of the stock would include a:

A) debit to Cash of $1,680; credit to Common Stock for $1,680.

B) debit to Cash for $1,960.

C) credit to Common Stock for $1,960.

D) debit to Discount on Common Stock for $280.

20) Sunrise Online issued 500 shares of its $10 common stock in exchange for equipment with a fair market value of $7,500. The entry to record the transaction would include a:

A) debit to Equipment for $5,000.

B) credit to Common Stock for $5,000.

C) debit to Paid-in Capital in Excess of Par Value-Common for $2,500.

D) credit to Common Stock Subscribed for $5,000.