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Unformatted text preview: Question 1 (1 point) Retained earnings can best be described as Student response: Student Response Answer Choices a. cash receipts minus expenses after adjustments b. net income minus expenses after adjustments c. undistributed profits d. net income minus cash disbursements after adjustments Score: 1 / 1 Question 2 (1 point) Fletcher Company commenced business on January 1, 2007 but has never declared or paid any dividends. The following are account balances after closing the books at December 31, 2009: Cash $18,000 Common stock, $1 par 1,000 Paid-in capital in excess of par value 49,000 Preferred stock, $100 par, 10%, cumulative 50,000 Retained earnings 75,000 Net income during 2009 totaled $30,000 and the Board of Directors wishes to distribute a total of $15,000 in cash dividends. The common stockholders will receive what amount per share? Student response: Student Response Score: 1 / 1 Question 3 (1 point) The par value of stock is Student response: Student Response Score:...
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This note was uploaded on 04/29/2010 for the course ACCT 5031 taught by Professor Rusth during the Fall '09 term at University of Houston.
- Fall '09