When the selling price of treasury stock is greater

This preview shows page 4 - 7 out of 7 pages.

19. When the selling price of treasury stock is greater than its cost, the company credits thedifference toA.Gain on Sale of Treasury StockB.Paid-in Capital from Treasury StockC.Paid-in Capital in Excess of Par ValueD.Treasury Stock
20. The purchase of treasury stock
D.has no effect on common stock outstanding21. Marsh Company has other operating expenses of $240,000. There has been an increase inprepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than inthe prior period. Using the direct method of reporting cash flows from operating activities, whatwere Marsh's cash payments for operating expenses?
22. Where would the event purchased land for cash appear, if at all, on the indirect statement ofcash flows?
23. In performing a vertical analysis, the base for cost of goods sold isA.total selling expensesB.net salesC.total revenuesD.total expenses
24. Blanco, Inc. has the following income statement (in millions):BLANCO, INC.Income StatementFor the Year Ended December 31, 2011Net Sales..............................$200Cost of Goods Sold..............................120Gross Profit..............................80Operating Expenses..............................44Net Income..............................$ 36Using vertical analysis, what percentage is assigned to Net Income?
25. Dawson Company issued 500 shares of no-par common stock for $4,500. Which of thefollowing journal entries would be made if the stock has a stated value of $2 per share?

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 7 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
Rob

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture