Practice Test Ch 13

Practice Test Ch 13 - Practice Test-Chapter 13 Acctg 202 1...

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Practice Test -Chapter 13 Acctg 202 1. Par value of a stock refers to the: A Issue price of the stock. B Value assigned to a share of stock by the corporate charter. C Market value of the stock on the date of the financial statements. D Maximum selling price of the stock. E Dividend value of the stock. 2. A company had a beginning balance in retained earnings of $43,000. It had net income of $6,000 and paid out cash dividends of $5,625 in the current period. The ending balance in retained earnings equals: A $108,625. B $ (12,625). C $ 11,375. D $ 43,375. E $ (11,375). 3. A corporation issued 300 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: A A $1,800 credit to Common Stock. B A $1,500 debit to Organization Expenses. C A $300 credit to Contributed Capital in Excess of Par Value, Common Stock. D
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This note was uploaded on 02/14/2010 for the course ACCT 202 taught by Professor Horton,d during the Spring '09 term at Shoreline.

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Practice Test Ch 13 - Practice Test-Chapter 13 Acctg 202 1...

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