Accounting II Questions

Alpha Corporation's has 1,500 shares of $40 par, 7% cumulative preferred stock and 2,200 shares of $10 par common stock. Alpha paid $10,000 in cash dividends including one-year dividends in arrears to preferred stockholders. Common stockholders will receive: A. $0.  B. $1,600.  C. $220.  D$5,800.  Rhubarb Corporation’s outstanding stock is 100 shares of $100, 11% cumulative nonparticipating preferred stock, and 2,000 shares of $12 par value common stock. Rhubarb paid $1,600 cash dividends during the year. Common stockholders received __________.

Which of the following would normally not appear in the Stockholders’ Equity section of the balance sheet? A. Cash B. Paid-In Capital C. Common Stock D. Preferred Stock

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 Common Stock for $1,500. D. debit to Paid-In Capital in Excess of Par Value for $500. The entry to record MidIowa.net’s selling 800 shares of $6.00 par value common stock at $8.00 would be to: A. Debit Cash $6,400; credit Common Stock $4,800; credit Paid-In Capital in Excess of Par Value—Common $1,600 B. Debit Cash $4,800; credit Common Stock $4,800 C. Debit Cash $6,400; debit Paid-In Capital in Excess of Par Value—Common $1,600; credit Common Stock $8,000 D. None of the above ABC sells 400 shares of its $23 par common stock for $27. The entry would entail credit(s) to

A. Cash for $9,200.

B. Paid-In Capital in Excess of Par—Common for $800 and Common Stock for $10,800.

C. Paid-In Capital in Excess of Par—Common for $1,600 and Common Stock for $9,200.

D. Common Stock for $10,800.