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

Cooke Corporation issues 10,000 shares of $50 par value preferred stock for cash at $60 per share. In the stockholders' equity section, the effects of the transaction above will be reported

Common Stock Dividends Distributable is reported as additional paid-in capital in the stockholders' equity section.

Under IFRS, Revaluation Surplus is part of

Each of the following decreases total stockholders' equity except a

Prior period adjustments are reported

Restricted retained earnings are available for preferred stock dividends but unavailable for common stock dividends.

A corporate board of directors does not generally

A debit balance in the Retained Earnings account is identified as a deficit.

Realistic Corporation's December 31, 2015 balance sheet showed the following: Realistic's total paid-in capital was

Dividends in arrears on cumulative preferred stock

If no-par stock is issued without a stated value, then

The trial balance of Houston Inc. includes the following balances: Common Stock, $40,000; Paid-in Capital in Excess of Par, $64,000; Treasury Stock, $6,000; Preferred Stock, $30,000. Capital stock totals

In the stockholders' equity section of the balance sheet,

A correction in income of a prior period involves either a debit or credit to the Retained Earnings account.

Common Stock Dividends Distributable is classified as a(n)

A stockholder who receives a stock dividend would

On January 1, Collins Corporation had 800,000 shares of $10 par value common stock outstanding. On March 31, the company declared a 10% stock dividend. Market value of the stock was $15/share. As a result of this event,

Which of the following factors does not affect the initial market price of a stock?

Aim, Inc., has 10,000 shares of 4%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2015. There were no dividends declared in 2014. The board of directors declares and pays a $120,000 dividend in 2015. What is the amount of dividends received by the common stockholders in 2015?

Last Inc., has 2,000 shares of 6%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2015, and December 31, 2014. The board of directors declared and paid a $4,000 dividend in 2014. In 2015, $24,000 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2015?