Corporations Accounting, Accounting

Corporations Accounting

Question: Entries for cash dividends are required on the:
A
declaration date and the payment date.

B
record date and the payment date.

C
declaration date, record date and payment date.

D
declaration date and the record date.

Note: Not available
1. Report
Question: Which of the following statements about small stock dividends is true?
A
A debit to Retained Earning for the par value of the shares issued should be made.

B
A small stock dividend decrease total stockholders equity.

C
Market value per share should be assigned to the dividend shares.

D
A small stock dividend ordinarily will have no effect on book value per share of stock.

Note: Not available
1. Report
Question: All but one of the following is reported in a retained earning statement. The exception is:
A
cash and stock dividends.

B
net income and net loss.

C
some disposals of treasury stock below cost.

D
sales of treasury stock above cost.

Note: Not available
1. Report
Question: A prior period adjustment is:
A
reported in the income statement as a nontropical item.

B
a correction of an error that is made directly to retained earnings.

C
reported directly in the stockholders equity section.

D
reported in the retained earnings statement as an adjustment of the ending balance of retained earnings.

Note: Not available
1. Report
Question: In the stockholders equity section. Common Stock Dividends Distributable is reported as a (a):
A
deduction from total paid-in capital and retained earning.

B
addition to additional paid-in capital.

C
deduction from retained earnings.

D
additional to capital stock.

Note: Not available
1. Report
Question: Corporation income statements may be the same as the income statements for unincorporated companies except for:
A
gross profit.

B
income tax expense.

C
operating income.

D
net sales.

Note: Not available
1. Report
Question: The return on common stockholders equity is defined as:
A
Net income divided by total assets.

B
Cash dividends divided by average common stock holders equity.

C
Income available to common stockholders divided by average common stockholders equity.

D
None.

Note: Not available
1. Report
Question: In reporting discontinued operations, the income statement should show in a special section:
A
gains and losses on the disposal of the discontinued segment.

B
gains and losses from operational of the discontinued segment.

C
Both

D
None

Note: Not available
1. Report
Question: The Rand Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all times, the income statement should show income before extraordinary items and extraordinary items, respectively, of:
A
$325,000 and $100,000

B
$325,000 and $75,000

C
$300,000 and $100,000

D
$300,000 and $75,000

Note: Not available
1. Report
Question: The income statement for Nadeen, Inc. shows income before income taxes $700,000, income tax expense $210,000 and net income $490,000. If Nadeen has 100,000 shares of common stock outstanding throughout the year, earning per share is:
A
$7.00

B
$4.90

C
$2.10

D
None

Note: Not available
1. Report

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Question: Entries for cash dividends are required on the:

Question: Which of the following statements about small stock dividends is true?

Question: All but one of the following is reported in a retained earning statement. The exception is:

Question: A prior period adjustment is:

Question: In the stockholders equity section. Common Stock Dividends Distributable is reported as a (a):

Question: Corporation income statements may be the same as the income statements for unincorporated companies except for:

Question: The return on common stockholders equity is defined as:

Question: In reporting discontinued operations, the income statement should show in a special section:

Question: The Rand Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all times, the income statement should show income before extraordinary items and extraordinary items, respectively, of:

Question: The income statement for Nadeen, Inc. shows income before income taxes $700,000, income tax expense $210,000 and net income $490,000. If Nadeen has 100,000 shares of common stock outstanding throughout the year, earning per share is: