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1. On September 1, 2000, Galaxy Corporation’s common stock was selling at a market price of $150 per share. On that date, Galaxy announced a 3 for 2 stock split. At what price would you expect the stock to trade immediately after the split goes into effect? Answer • Question 2 2.45 out of 2.45 points 2. When treasury stock is reissued at a price above cost: Answer • Question 3 2.45 out of 2.45 points 3. Alpha Corporation is authorized to issue 2,000,000 shares of $3 par value capital stock. The corporation issued half the stock for cash at $8 per share, earned $90,000 during the first three months of operation, and declared a cash dividend of $15,000. The total paid-in capital of Alpha Corporation after three months of operation is: Answer • Question 4 2.45 out of 2.45 points 4. Bijou Corporation issued 200,000 shares of $5 par value common stock at the time of its incorporation. The stock was issued for cash at a price of $20 per share. During the first year of operations, the company sustained a net loss of $100,000. The year-end balance sheet would show the balance of the Common Stock account to be: Answer • Question 5 2.45 out of 2.45 points 5. Adella Corporation has outstanding 50,000 shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par value cumulative preferred stock. At the beginning of the year, the balance in retained earnings was $500,000, and one year’s dividends were in arrears. Net income for the current year is $260,000. Compute the balance in retained earnings at the end of the year if Adella Corporation pays a dividend of $2 per share on its common stock this year. Answer • Question 6 2.45 out of 2.45 points Use the following to answer question 6 : On January 1, 2002, Moon Corporation issued 80,000 shares of its total 200,000 authorized shares of $3 par value common stock for $10 per share. On December 31, 2002, Moon Corporation’s common stock is trading at $15 per share. 6. Refer to the above data. Assuming Moon Corporation did not issue any more common stock in 2002, how does the increase in value of its outstanding stock affect Moon? Answer • Question 7 2.45 out of 2.45 points Use the following to answer questions 7 – 10: Shown below is information relating to the stockholders’ equity of Surf Corporation as of December 31, 2001: 8% cumulative preferred stock, $100 par, Callable at $106 $ 200,000 Common stock, $10 par, 500,000 shares Authorized, 80,000 shares issued and outstanding 800,000 Additional paid-in capital: common stock 300,000 Retained earnings (Deficit) (20,000) Dividends in arrears 16,000 7. Refer to the above data. How many shares of preferred stock are issued and outstanding? Answer • Question 8 2.45 out of 2.45 points 8. Refer to the above data. What was the original issue price per share of common stock? Answer • Question 9 2.45 out of 2.45 points 9. Refer to the above data. Compute total paid-in capital. Answer • Question 10 2.45 out of 2.45 points 10. Refer to the above data. Total stockholders’ equity is: Answer • Question 11 2.45 out of 2.45 points 11. Which of the following individuals has the most power to influence corporate policy on a long-term basis? Answer • Question 12 2.45 out of 2.45 points 12. The overall effect of declaring and distributing a cash dividend includes each of the following except: Answer • Question 13 2.45 out of 2.45 points 13. The financial statements of a corporation that failed during the current year to pay any dividends on its cumulative preferred stock should: Answer • Question 14 2.45 out of 2.45 points 14. Which of the following best describes the book value of a share of stock? Answer

1. On September 1, 2000, Galaxy Corporation’s common stock was selling at a market price of $150 per share. On that date, Galaxy announced a 3 for 2 stock split. At what price would you expect the stock to trade immediately after the split goes into effect?

 

 

Answer

• Question 2

2.45 out of 2.45 points

 

2. When treasury stock is reissued at a price above cost:

 

 

Answer

 

• Question 3

2.45 out of 2.45 points

 

3. Alpha Corporation is authorized to issue 2,000,000 shares of $3 par value capital stock. The corporation issued half the stock for cash at $8 per share, earned $90,000 during the first three months of operation, and declared a cash dividend of $15,000. The total paid-in capital of Alpha Corporation after three months of operation is:

 

Answer

 

• Question 4

2.45 out of 2.45 points

 

4. Bijou Corporation issued 200,000 shares of $5 par value common stock at the time of its incorporation. The stock was issued for cash at a price of $20 per share. During the first year of operations, the company sustained a net loss of $100,000. The year-end balance sheet would show the balance of the Common Stock account to be:

 

Answer

 

• Question 5

2.45 out of 2.45 points

 

5. Adella Corporation has outstanding 50,000 shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par value cumulative preferred stock. At the beginning of the year, the balance in retained earnings was $500,000, and one year’s dividends were in arrears. Net income for the current year is $260,000. Compute the balance in retained earnings at the end of the year if Adella Corporation pays a dividend of $2 per share on its common stock this year.

 

 

Answer

 

• Question 6

2.45 out of 2.45 points

 

Use the following to answer question 6 :

On January 1, 2002, Moon Corporation issued 80,000 shares of its total 200,000 authorized shares of $3 par value common stock for $10 per share. On December 31, 2002, Moon Corporation’s common stock is trading at $15 per share.

6. Refer to the above data. Assuming Moon Corporation did not issue any more common stock in 2002, how does the increase in value of its outstanding stock affect Moon?

 

 

 

 

 

 

 

Answer

 

• Question 7

2.45 out of 2.45 points

 

Use the following to answer questions 7 – 10:

Shown below is information relating to the stockholders’ equity of Surf Corporation as of December 31, 2001:

 

 

8% cumulative preferred stock, $100 par,

Callable at $106 $ 200,000

Common stock, $10 par, 500,000 shares

Authorized, 80,000 shares issued and outstanding 800,000

Additional paid-in capital: common stock 300,000

Retained earnings (Deficit) (20,000)

Dividends in arrears 16,000

 

 

7. Refer to the above data. How many shares of preferred stock are issued and outstanding?

 

 

 

Answer

 

• Question 8

2.45 out of 2.45 points

 

8. Refer to the above data. What was the original issue price per share of common stock?

 

 

 

Answer

 

• Question 9

2.45 out of 2.45 points

 

9. Refer to the above data. Compute total paid-in capital.

 

Answer

 

• Question 10

2.45 out of 2.45 points

 

10. Refer to the above data. Total stockholders’ equity is:

 

 

 

Answer

 

• Question 11

2.45 out of 2.45 points

 

11. Which of the following individuals has the most power to influence corporate policy on a long-term basis?

Answer

 

• Question 12

2.45 out of 2.45 points

 

12. The overall effect of declaring and distributing a cash dividend includes each of the following except:

Answer

 

• Question 13

2.45 out of 2.45 points

 

13. The financial statements of a corporation that failed during the current year to pay any dividends on its cumulative preferred stock should:

Answer

 

• Question 14

2.45 out of 2.45 points

 

14. Which of the following best describes the book value of a share of stock?

Answer

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