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Exam 11: Corporate Reporting and Analysis

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Question 71

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_________________ is a corporation's own stock that has been reacquired.

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Question 72

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Preferred stock on which the right to receive dividends is forfeited for any year that the dividends are not declared is referred to as:

A) Participating preferred stock
B) Callable preferred stock
C) Cumulative preferred stock
D) Convertible preferred stock
E) Noncumulative preferred stock

F) C) and D)
G) A) and B)

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Question 73

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A company was organized in January 2012 and has 2,000 shares of $100 par value,10%,nonparticipating preferred stock outstanding and 30,000 shares of $10 par value common stock outstanding.It has declared and paid cash dividends each year as shown below.Calculate the total dividends distributed to each class of stockholder under each of the assumptions given.

Holders of ______________________________ have a right to be paid both current and all prior periods' unpaid dividends before any dividend is paid to common shareholders.

A proxy is:

A company is authorized to issue 50,000 shares of $50 par value,8%,cumulative,fully participating preferred stock and 750,000 shares of $5 par value common stock.Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: May 5 Exchanged 2,000 shares of preferred stock for a building with a market value of $135,000. July 20 Sold 1,550 shares of preferred stock for $50 cash per share. Dec.20 Sold 1,000 shares of preferred stock at $55 cash per share.

A company issued 60 shares of $100 par value stock for $7,000 cash.The total amount of contributed capital is:

No-par stock to which the directors assign a value per share is called _______________________.

A company's outstanding stock consists of (a)67,000 shares of cumulative 5% preferred stock with a $20 par value and (b)95,000 shares of common stock with a $1 par value.During its first four years of operation,the corporation declared and paid the following total cash dividends: $\begin{array} { c c } 2013 & \$ 0 \\2014 & 50,000 \\2015 & 180,000 \\2016 & 205,000\end{array}$ What is the amount of dividends that the common stockholders receive for all years presented?

When all of the authorized shares have the same rights and characteristics,the stock is called:

Earnings per share is calculated by dividing the total number of common shares outstanding by net income.

Prior period adjustments are reported in the:

Shamrock Company had net income of $30,000.On January 1,there were 8,000 shares of common stock outstanding.On April 1,the company issued an additional 2,000 shares of common stock.The company declared a $2,700 dividend on its noncumulative,nonparticipating preferred stock.There were no other stock transactions.The company has an earnings per share of:

Stocks that pay relatively large cash dividends on a regular basis are referred to as:

Stock that is not assigned a value per share by the corporate charter is called __________________.

Changes in accounting estimates are:

A company has 2,000 shares of $1 par value common stock and 200 shares of 5%,$110 par,noncumulative preferred stock outstanding.The balance in Retained Earnings at the beginning of the year was $500,000.Net income for the current year was $300,000.If the company paid a dividend of $2 per share on its common stock,what is the balance in Retained Earnings at the end of the year?

Common stock always carries a preference for receiving dividends over preferred stock.

An amount of assets defined by state law that stockholders must invest and leave invested in a corporation is called the:

The Discount on Common Stock account reflects: