Examination 3

Examination 3 - Homework Manager - View My Grades -...

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View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Question 1: Score 3/3 Question 2: Score 3/3 Shown below is information relating to the stockholders' equity of Hutton Corporation at December 31, 2008: Dividends have been declared and paid for 2008. Refer to the above data. Hutton's total legal capital at December 31, 2008, is: 8% cumulative preferred stock, $100 par, 14,000 shares authorized, 8,400 shares issued 840,000 Common stock, $5 par, 650,000 shares authorized, 390,000 shares issued and outstanding 1,950,000 Additional paid-in capital: preferred stock 84,000 Additional paid-in capital: common stock 1,500,000 Retained earnings 700,000 Your Answer: Choice Selected $2,850,000. $2,790,000. $3,450,000. $4,374,000. Feedback: 1,950,000 + 840,000 = 2,790,000 Vision Corporation has the following on its financial statement: Refer to the above data. If Vision did not pay a dividend for the last two years, but declared a dividend this year, how much will they have to declare in order for the common stockholders to receive $0.7 per share. Preferred Stock 7%, $100 par, cumulative, 14,000 shares authorized 630,000 Common Stock, $3 par, 800,000 shares authorized, 384,000 issued 1,152,000 Paid-in Capital - Preferred 930,000 Paid-in Capital - Common 1,100,000 Retained earnings 850,000 Your Answer: Choice Selected $401,100 Page 1 of 12 Homework Manager - View My Grades - Financial Accounting ACCT 116A - Tuttle (Su. .. 7/31/2008 http://mh7.brownstone.net/modules/viewRecord.Login
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Score 3/3 Question 4: Score 0/3 Question 5: Score 3/3 $357,000 $312,900 Some other amount Feedback: 3(6,300 x 7) +0.7(384,000) = 401,100 Laurel Corporation has total stockholders' equity of $6,400,000. The company has outstanding 520,000 shares of $3 par value common stock and 20,000 shares of 10% preferred stock, $100 par value. (No dividends are in arrears.) The book value per share of common stock is: Your Answer: Choice Selected $6.96. $8.46. $6.21. $5.46. Feedback: 6,400,000 – (20,000 x 100) = 4,400,000; 4,400,000/520,000 = 8.46 On September 1, 2007, Baltimore Corporation's common stock was selling at a market price of $120 per share. On that date, Baltimore announced a 6 for 5 stock split. At what price would you expect the stock to trade immediately after the split goes into effect? Your Answer: Choice Selected $600. $24 $120. Selected $100. Feedback: 120 x 5/6 = 6 Vision Corporation has the following on its financial statement: Refer to the above data. If Vision paid a total of $80,000 in dividends, how much would each common stockholder receive for each share of stock owned? (Assume Preferred Stock 6%, $100 par, cumulative, 14,000 shares authorized 630,000 Common Stock, $3 par, 650,000 shares authorized, 312,000 issued 936,000 Paid-in Capital - Preferred 930,000 Paid-in Capital - Common 1,100,000 Retained earnings 850,000 Page 2 of 12 Homework Manager - View My Grades - Financial Accounting ACCT 116A - Tuttle (Su. .. 7/31/2008
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