A credit balance in retained earnings 1. Moore, Inc. had 250,000 shares of common stock outstanding before a stock split occurred, and 750,000 shares outstanding after the stock split. The stock split was a. 2-for-5. b. 5-for-1. c. 1-for-5. d. 3-for-1. 2. Restricting retained earnings for the cost of treasury stock purchased is a a. contractual restriction. b. legal restriction. c. stock restriction. d. voluntary restriction. 3. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account. c. the retained earnings account. d. an asset account. 4. If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to a. decrease total assets and total stockholders’ equity. b. increase stockholders’ equity and decrease total liabilities. c. decrease total retained earnings and increase total liabilities. d. reduce the amount of retained earnings available for dividend declarations. 5. A credit balance in retained earnings represents a. the amount of cash retained in the business. b. a claim on specific assets of the corporation. c. a claim on the aggregate assets of the corporation. d. the amount of stockholders’ equity exempted from the stockholders’ claim on total assets. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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