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Course 171042- Balance Sheet: Stockholders' Equity
  Final Exam
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171042v - Balance Sheet: Stockholders' Equity

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3 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Direct costs incurred to sell stock such as underwriting costs should be accounted for as: I) a reduction of additional paid-in capital; II) an expense of the period in which the stock is issued; III) an intangible asset.
2. On February 1, Hyde Corp., a newly formed company, had the following stock issued and outstanding: Common stock, no par, $1 stated value, 10,000 shares originally issued for $15 per share; and Preferred stock, $10 par value, 3,000 shares originally issued for $25 per share. Hyde's February 1 statement of equity should report:
3. The residual interest in a corporation belongs to the
4. Grid Corp. acquired some of its own common shares at a price greater than both their par value and original issue price but less than their book value. Grid uses the cost method of accounting for treasury stock. What is the impact of this acquisition on total equity and the book value per common share?
5. The acquisition of treasury stock will cause the number of shares outstanding to decrease if the treasury stock is accounted for by the:
6. The par value method of accounting for treasury stock differs from the cost method because
7. Posy Corp. acquired treasury shares at an amount greater than their par value, but less than their original issue price. Compared with the cost method of accounting for treasury stock, does the par value method report a greater amount for additional paid-in capital and a greater amount for retained earnings?
8. A corporation declared a dividend, a portion of which was liquidating. How does this declaration affect each of the following?
9. Stock dividends on common stock should be recorded at their fair market value by the investor when the related investment is accounted for under which of the following methods?
10. On December 1, 2X13, Pott Co. declared and distributed a property dividend when the fair value exceeded the carrying amount. As a consequence of the dividend declaration and distribution, what are the accounting effects?
11. An appropriated retained earnings account can be used to
12. Bal Corp. declared a $25,000 cash dividend on May 8 to shareholders of record on May 23, payable on June 3. As a result of this cash dividend, working capital
13. What effect does the issuance of a 2-for-1 stock split have on each of the following?
14. Blue Co. issued preferred stock with detachable common stock warrants at a price that exceeded both the par value and the fair value of the preferred stock. At the time the warrants are exercised, Blue's total equity is increased by the
15. An entity issued rights to its existing shareholders without consideration. The rights allowed the recipients to purchase unissued common stock for an amount in excess of par value. When the rights are issued, which of the following accounts will be increased?
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