Ch 15 - Name: Status : Score: Instructions: Test...

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Name: Test Stockholder's Equity --- Stec Status : Completed Score: 190 out of 200 points Instructions: Question 1 Multiple Choice 10 of 10 points A primary source of stockholders' equity is Selected Answer: both income retained by the corporation and contributions by stockholders. Question 2 Multiple Choice 10 of 10 points True no-par stock should be carried in the accounts at issue price without any additional paid-in capital reported. Selected Answer: True Question 3 Multiple Choice 0 of 10 points King Co. issued 100,000 shares of $10 par common stock for $1,200,000. King acquired 8,000 shares of its own common stock at $15 per share. Three months later King sold 4,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 4,000 treasury shares, King should credit Selected Answer: Treasury Stock for $60,000 and Paid-in Capital in Excess of Par for $16,000. Question 4 Multiple Choice 10 of 10 points How should a " gain" from the sale of treasury stock be reflected when using the cost method of recording treasury stock transactions? Selected Answer: As paid-in capital from treasury stock transactions. Question 5 Multiple Choice
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This note was uploaded on 09/21/2008 for the course ACC 203 taught by Professor Giansante during the Spring '08 term at Community College of Allegheny County.

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Ch 15 - Name: Status : Score: Instructions: Test...

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