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ACC 556 ACC556 ACC/556 WEEK 7 HOMEWORK CHAPTER 11

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ACC 556 WEEK 7 HOMEWORK CHAPTER 11 • Question 1 A corporation is not an entity that is separate and distinct from its owners. • Question 2 A stockholder has the right to vote in the election of the board of directors. Question 3 The acquisition of treasury stock by a corporation increases total assets and total stockholders’ equity. • Question 4 Cash dividends are not a liability of the corporation until they are declared by the board of directors. • Question 5 A detailed stockholders’ equity section in the balance sheet will list the names of individuals who are eligible to receive dividends on the date of record. • Question 6 Under the corporate form of business organization • Question 7 Which of the following statements reflects the transferability of ownership rights in a corporation? • Question 8 If a stockholder cannot attend a stockholders’ meeting, he may delegate his voting rights by means of a(n) • Question 9 If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account • Question 10 Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report • Question 11 The following data is available for BOX Corporation at December 31, 2014: Common stock, par $10 (authorized 30,000 shares) $250,000 Treasury stock (at cost $15 per share) $ 1,200 Based on the data, how many shares of common stock are issued? • Question 12 Which of the following is not a right or preference associated with preferred stock? • Question 13 All of the following statements about preferred stock are true except Question 14 The board of directors of Benson Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2014. The dividend is to be paid on August 15, 2014, to stockholders of record on July 31, 2014. The effects of the journal entry to record the payment of the dividend on August 15, 2014, are to • Question 15 Which of the following statements is not true about a 2-for-1 split? • Question 16 The following selected amounts are available for Thomas Company. Retained earnings (beginning) $2,500 Net loss 200 Cash dividends declared 200 Stock dividends declared 200 What is its ending Retained Earnings balance? • Question 17 In the stockholders’ equity section of the balance sheet • Question 18 Herman Corporation had net income of $120,000 and paid dividends of $24,000 to common stockholders and $20,000 to preferred stockholders in 2014. Herman Corporation’s common stockholders’ equity at the beginning and end of 2014 was $450,000 and $550,000, respectively. Herman Corporation’s payout ratio for 2014 is • Question 19 Which of the following statements is true regarding corporate performance ratios? • Question 20 Match the items below by entering the appropriate code letter in the space provided. o Question Selected Match The chief accounting officer. F. Controller A debit balance in retained earnings. A. Deficit Measures the percentage of earnings distributed in the form of dividends to common stockholders. C. Payout ratio A pro rata distribution of the corporation’s own stock to stockholders. E. Stock dividend The date the board of directors formally declares a dividend. G. Declaration date Enables stockholders to maintain their same percentage ownership when new shares are issued. D. Preemptive right The amount assigned to each share of stock in the corporate charter. H. Par value The amount that must be retained in the business for the protection of creditors

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