Quiz 5a - C Financing activity D Noncash activity 6...

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Quiz 5 Key 1. Treasury Stock is normally reported as: A. A reduction of total stockholders' equity. B. An asset account. C. A liability account. D. An expense account. 2. Both cash dividends and stock dividends: 3. Company XYZ issues 1,000 shares of $1 par value common stock for $30 per share. Please prepare the journal entry.
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4. What would be the impact on the accounting equation when a company purchases treasury stock? 5. The purchase of land is classified in the statement of cash flows as a(n):
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Unformatted text preview: C. Financing activity. D. Noncash activity. 6. Operating cash flows exclude: A. Interest received. B. Interest paid. C. Dividends received. D. Dividends paid. Quiz 5 Summary Category # of Questions AACSB: Analytic 1 AACSB: Reflective Thinking 5 AICPA: Reporting 6 Blooms: Application 1 Blooms: Application 2 Blooms: Comprehension 1 Blooms: Comprehension 1 Blooms: Knowledge 1 Difficulty: Medium 6 Learning Objective: 10-02 Record the issuance of common stock. 1 Learning Objective: 10-04 Account for treasury stock. 2 Learning Objective: 10-05 Describe retained earnings and record cash dividends. 1 Learning Objective: 10-06 Explain the effect of stock dividends and stock splits. 1 Learning Objective: 11-01 Classify cash transactions as operating; investing; or financing activities. 2 Spiceland - Chapter 10 4 Spiceland - Chapter 11 2...
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