total stockholders’ equity 1. If preferred stock is cumulative, the a. preferred dividends not declared in a given year are called dividends in arrears. b. preferred stockholders and the common stockholders receive equal dividends. c. preferred stockholders and the common stockholders receive the same total dollar amount of dividends. d. common stockholders will share in the preferred dividends. 2. The Northern Corporation issues 8,000 shares of $100 par value preferred stock for cash at $120 per share. The entry to record the transaction will consist of a debit to Cash for $960,000 and a credit or credits to a. Preferred Stock for $960,000. b. Paid-in Capital from Preferred Stock for $960,000. c. Preferred Stock for $800,000 and Retained Earnings for $160,000. d. Preferred Stock for $800,000 and Paid-in Capital in Excess of Parâ€”Preferred Stock for $160,000. 3. Vega Corporationâ€™s December 31, 2013 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 10,000 shares authorized; 7,500 shares issued $ 150,000 Common stock, $10 par value, 1,000,000 shares authorized; 975,000 shares issued, 960,000 shares outstanding 9,750,000 Paid-in capital in excess of parâ€”preferred stock 30,000 Paid-in capital in excess of parâ€”common stock 13,500,000 Retained earnings 3,750,000 Treasury stock (15,000 shares) 315,000 Vega declared and paid a $48,000 cash dividend on December 15, 2013. If the companyâ€™s dividends in arrears prior to that date were $10,000, Vegaâ€™s common stockholders received a. $38,000. b. $22,000. c. $26,000. d. no dividend. 4. Each of the following decreases retained earnings except a a. cash dividend. b. liquidating dividend. c. stock dividend. d. All of these decrease retained earnings. 5. Each of the following decreases total stockholders’ equity except a a. cash dividend. b. liquidating dividend. c. stock dividend. d. All of these decrease total stockholders’ equity. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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