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Question : 71. Slickers, Inc. had the following capital structure during 2010:Preferred stock, : 1228446

Accounting

 

71. Slickers, Inc. had the following capital structure during 2010:
Preferred stock, 7%, $50 par value, 1,000 shares issued and outstanding with dividends in arrears for 2008 and 2009.
Common stock, $100 par value, 2,000 shares issued and outstanding.
The total dividends declared and paid during 2010 totaled $25,000. How much of the dividend is paid to the preferred stockholders during 2010 assuming the preferred stock is noncumulative? 
A. $3,500
B. $7,000
C. $10,500
D. $14,500

72. Slickers, Inc. had the following capital structure during 2010:
Preferred stock, 7%, $50 par value, 1,000 shares issued and outstanding with dividends in arrears for 2008 and 2009.
Common stock, $100 par value, 2,000 shares issued and outstanding.
The total dividends declared and paid during 2010 totaled $25,000. How much of the dividend is paid to the common stockholders during 2010 assuming the preferred stock is noncumulative? 
A. $3,500
B. $7,000
C. $21,500
D. $14,500

73. Slickers, Inc. had the following capital structure during 2010:
Preferred stock, 7%, $50 par value, 1,000 shares issued and outstanding with dividends in arrears for 2008 and 2009.
Common stock, $100 par value, 2,000 shares issued and outstanding.
The total dividends declared and paid during 2010 totaled $25,000. How much of the dividend is paid to the common stockholders during 2010 assuming the preferred stock is cumulative? 
A. $3,500
B. $7,000
C. $22,500
D. $14,500

74. Which of the following is a correct statement about cumulative and noncumulative preferred stock? 
A. They both receive dividends in arrears.
B. Cumulative stock’s undeclared dividends accumulate each year until paid, while noncumulative stock’s right to receive dividends is forfeited in any year that dividends are not declared.
C. Cumulative preferred stock is guaranteed to receive their dividends.
D. Cumulative preferred stock’s right to receive dividends is forfeited in any year that dividends are not declared. However, noncumulative stock’s undeclared dividends accumulate each year until paid.

75. Cornhusker Corporation plans to raise $10 million cash on January 1, 2010, by issuing either bonds payable (8% interest rate) or cumulative preferred stock (8% dividend rate). How would the annual interest amount on the bonds or annual preferred dividend amount (if paid) affect the net income for the year ended December 31, 2010? 
A. Net income would be reduced by the annual interest on the bonds and by the annual preferred stock dividends.
B. Net income would be reduced by the annual interest on the bonds but not by the annual preferred stock dividends.
C. Net income would not be reduced by either the annual interest on the bonds or the annual preferred stock dividends.
D. Net income would be reduced by the annual preferred dividends but not by the annual interest on the bonds.

76. CBA Company reported total stockholders’ equity of $85,000 on its balance sheet dated December 31, 2010. During the year ended December 31, 2011, CBA reported net income of $10,000, declared and paid a cash dividend of $2,000, and issued additional common stock for $20,000. What is total stockholders’ equity as of December 31, 2011? 
A. $117,000
B. $113,000
C. $109,000
D. $101,000

77. A company reported total stockholders’ equity of $170,000 on its balance sheet dated December 31, 2010. During the year ended December 31, 2011, the company reported net income of $20,000, declared and paid a cash dividend of $4,000, declared and distributed a 10% stock dividend with a $5,000 total market value, and issued additional common stock for $40,000. What is total stockholders’ equity as of December 31, 2011? 
A. $234,000
B. $226,000
C. $231,000
D. $221,000

78. A company reported total stockholders’ equity of $340,000 on its balance sheet dated December 31, 2010. During the year ended December 31, 2011, the company reported net income of $40,000, declared and paid a cash dividend of $8,000, declared and distributed a 10% stock dividend with a $10,000 total market value, purchased treasury stock costing $12,000, and issued additional common stock for $60,000. What is total stockholders’ equity as of December 31, 2011? 
A. $432,000
B. $410,000
C. $444,000
D. $420,000

79. A company reported total stockholders’ equity of $540,000 on its balance sheet dated December 31, 2010. During the year ended December 31, 2011, the company reported net income of $60,000, declared and paid a cash dividend of $18,000, declared and distributed a 10% stock dividend with a $15,000 total market value, sold treasury stock costing $12,000 for $15,000, and issued additional common stock for $70,000. What is total stockholders’ equity as of December 31, 2011? 
A. $650,000
B. $670,000
C. $667,000
D. $655,000

80. Wendell Company provided the following pertaining to its recent year of operation:
? Common stock with a $10,000 par value was sold for $50,000 cash.
? Cash dividends totaling $20,000 were declared, of which $15,000 were paid.
? Net income was $70,000.
? A 5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value.
? Treasury stock costing $9,000 was sold for $7,000.
How much did Wendell’s total stockholders’ equity increase during the recent year of operation? 
A. $107,000
B. $84,000
C. $80,000
D. $112,000

 

 

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51) A student at New York University used to take the Redhound bus when she visited her grandmother in Boston. After graduating, although the bus fare and the plane fare were the same as they were when she was a student with a well-paid job on Wall Street, she now takes the plane to Boston to visit her grandmother. For this student, travel by Redhound bus is

A) a normal good.

B) an inferior good.

C) a substitute good.

D) a complement good.

E) a good with negative preferences.

52) If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are

A) a normal good.

B) an inferior good.

C) a substitute for camcorders.

D) a complement to camcorders.

E) made using advanced technology.

 

53) Lesley buys 6 cappuccinos per week when her income is $900 per week and buys 8 cappuccinos per week when her income is $1100 per week.  For Lesley, cappuccinos are a(n) ________ good.

A) normal

B) luxury

C) inferior

D) substitute

E) essential

 

54) If the demand for a good increases when people's incomes increase,

A) the good is an inferior good.

B) the law of demand is violated.

C) the good's demand curve must be slope upward.

D) the good is a normal good.

E) the good is a substitute good for an inferior good.

55) In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?

A) The demand curve would shift leftward.

B) The demand curve would not shift, but the price of dining out would rise.

C) The effect on the demand curve is unknown.

D) The demand curve would shift rightward.

E) The demand curve would not shift, but the price of dining out would fall.

 

56) If macaroni and cheese is an inferior good, then a decrease in income results in

A) an increase in the demand for macaroni and cheese.

B) a decrease in the demand for macaroni and cheese.

C) an increase in the supply of macaroni and cheese.

D) a decrease in the supply of macaroni and cheese.

E) Both answers A and D are correct.

 

57) If income increases and the demand for bus rides decreases,

A) bus rides are a normal good.

B) consumers are behaving irrationally.

C) bus rides are an inferior good.

D) bus rides are a substitute good.

E) bus rides must be a complement good with some other good.

58) Which of the following is true?

A) For an inferior good, when income increases, the demand curve shifts leftward.

B) If the price of a substitute rises, the demand curve shifts leftward.

C) If people expect the price of a good will rise in the future, the demand curve shifts leftward.

D) An increase in population shifts the demand curve leftward.

E) An increase in the cost of producing a good shifts the demand curve leftward.

 

59) Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are

A) a normal good.

B) an inferior good.

C) a complement for higher income people.

D) a substitute good.

E) None of the above answers is correct.

 

60) Water bottlers announce that next month the price of bottled water will rise by 25 percent. Which of the following occurs immediately?

A) The quantity of bottled water demanded increases.

B) The quantity of bottled water demanded decreases.

C) The demand for bottled water decreases.

D) The demand for bottled water increases.

E) None of the above answers is correct because it is the supply that immediately changes, not the demand.

 

 

default image
July 1, 2023
    

 

 

51) A student at New York University used to take the Redhound bus when she visited her grandmother in Boston. After graduating, although the bus fare and the plane fare were the same as they were when she was a student with a well-paid job on Wall Street, she now takes the plane to Boston to visit her grandmother. For this student, travel by Redhound bus is

A) a normal good.

B) an inferior good.

C) a substitute good.

D) a complement good.

E) a good with negative preferences.

52) If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are

A) a normal good.

B) an inferior good.

C) a substitute for camcorders.

D) a complement to camcorders.

E) made using advanced technology.

 

53) Lesley buys 6 cappuccinos per week when her income is $900 per week and buys 8 cappuccinos per week when her income is $1100 per week.  For Lesley, cappuccinos are a(n) ________ good.

A) normal

B) luxury

C) inferior

D) substitute

E) essential

 

54) If the demand for a good increases when people's incomes increase,

A) the good is an inferior good.

B) the law of demand is violated.

C) the good's demand curve must be slope upward.

D) the good is a normal good.

E) the good is a substitute good for an inferior good.

55) In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?

A) The demand curve would shift leftward.

B) The demand curve would not shift, but the price of dining out would rise.

C) The effect on the demand curve is unknown.

D) The demand curve would shift rightward.

E) The demand curve would not shift, but the price of dining out would fall.

 

56) If macaroni and cheese is an inferior good, then a decrease in income results in

A) an increase in the demand for macaroni and cheese.

B) a decrease in the demand for macaroni and cheese.

C) an increase in the supply of macaroni and cheese.

D) a decrease in the supply of macaroni and cheese.

E) Both answers A and D are correct.

 

57) If income increases and the demand for bus rides decreases,

A) bus rides are a normal good.

B) consumers are behaving irrationally.

C) bus rides are an inferior good.

D) bus rides are a substitute good.

E) bus rides must be a complement good with some other good.

58) Which of the following is true?

A) For an inferior good, when income increases, the demand curve shifts leftward.

B) If the price of a substitute rises, the demand curve shifts leftward.

C) If people expect the price of a good will rise in the future, the demand curve shifts leftward.

D) An increase in population shifts the demand curve leftward.

E) An increase in the cost of producing a good shifts the demand curve leftward.

 

59) Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are

A) a normal good.

B) an inferior good.

C) a complement for higher income people.

D) a substitute good.

E) None of the above answers is correct.

 

60) Water bottlers announce that next month the price of bottled water will rise by 25 percent. Which of the following occurs immediately?

A) The quantity of bottled water demanded increases.

B) The quantity of bottled water demanded decreases.

C) The demand for bottled water decreases.

D) The demand for bottled water increases.

E) None of the above answers is correct because it is the supply that immediately changes, not the demand.

 

 

default image
July 1, 2023
    

 

 

51) A student at New York University used to take the Redhound bus when she visited her grandmother in Boston. After graduating, although the bus fare and the plane fare were the same as they were when she was a student with a well-paid job on Wall Street, she now takes the plane to Boston to visit her grandmother. For this student, travel by Redhound bus is

A) a normal good.

B) an inferior good.

C) a substitute good.

D) a complement good.

E) a good with negative preferences.

52) If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are

A) a normal good.

B) an inferior good.

C) a substitute for camcorders.

D) a complement to camcorders.

E) made using advanced technology.

 

53) Lesley buys 6 cappuccinos per week when her income is $900 per week and buys 8 cappuccinos per week when her income is $1100 per week.  For Lesley, cappuccinos are a(n) ________ good.

A) normal

B) luxury

C) inferior

D) substitute

E) essential

 

54) If the demand for a good increases when people's incomes increase,

A) the good is an inferior good.

B) the law of demand is violated.

C) the good's demand curve must be slope upward.

D) the good is a normal good.

E) the good is a substitute good for an inferior good.

55) In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?

A) The demand curve would shift leftward.

B) The demand curve would not shift, but the price of dining out would rise.

C) The effect on the demand curve is unknown.

D) The demand curve would shift rightward.

E) The demand curve would not shift, but the price of dining out would fall.

 

56) If macaroni and cheese is an inferior good, then a decrease in income results in

A) an increase in the demand for macaroni and cheese.

B) a decrease in the demand for macaroni and cheese.

C) an increase in the supply of macaroni and cheese.

D) a decrease in the supply of macaroni and cheese.

E) Both answers A and D are correct.

 

57) If income increases and the demand for bus rides decreases,

A) bus rides are a normal good.

B) consumers are behaving irrationally.

C) bus rides are an inferior good.

D) bus rides are a substitute good.

E) bus rides must be a complement good with some other good.

58) Which of the following is true?

A) For an inferior good, when income increases, the demand curve shifts leftward.

B) If the price of a substitute rises, the demand curve shifts leftward.

C) If people expect the price of a good will rise in the future, the demand curve shifts leftward.

D) An increase in population shifts the demand curve leftward.

E) An increase in the cost of producing a good shifts the demand curve leftward.

 

59) Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are

A) a normal good.

B) an inferior good.

C) a complement for higher income people.

D) a substitute good.

E) None of the above answers is correct.

 

60) Water bottlers announce that next month the price of bottled water will rise by 25 percent. Which of the following occurs immediately?

A) The quantity of bottled water demanded increases.

B) The quantity of bottled water demanded decreases.

C) The demand for bottled water decreases.

D) The demand for bottled water increases.

E) None of the above answers is correct because it is the supply that immediately changes, not the demand.

 

 

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