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achivmt_tests_answ11 - 9th Edition Chapter Test 11A...

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9th Edition Financial and Managerial Accounting Warren/Reeve Chapter Test 11A FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY INSTRUCTIONS: Complete each of the following statements by writing the appropriate words or amounts in the Answers column. For Answers Scoring A
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TEST 11A (Concluded) 0. Corporations whose shares of stock are widely distributed and traded in a public market are called ...................................................................... public corporations 0. ____ 1-2. A corporation purchases 20,000 shares of its own $25 par common stock for $1,250,000, recording it at cost. Will the purchase increase, decrease, or have no effect on the following? 1. Expenses ................................................................................................ 1. ____ 2. Total stockholders’ equity ....................................................................... 2. ____ 3-5. The stock in Question 1-2 is resold for $1,500,000. Will the sale increase, decrease, or have no effect on the following? 3. Revenues ............................................................................................... 3. ____
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4. Total stockholders’ equity ....................................................................... 4. ____ 5. Total assets ............................................................................................ 5. ____ 6. If 90,000 shares of common stock are authorized, 75,000 shares are issued, and 5,000 shares are held as treasury stock, how many shares are outstanding? ..................................................................................... 6. ____ 7. Organization costs are normally classified as a(n) ................................ 7. ____ 8-9. A corporation’s outstanding stock is composed of 20,000 shares of $5 preferred and 100,000 shares of common, $25 par. At the end of its first year of operations, a total of $200,000 in dividends is to be distributed. Determine the total amount of the dividends to be paid on the preferred stock and common stock.
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