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Net Income increases stockholder's equity by increasing the Common Stock Account True False 2. The management of a company has the right to declare...

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1. Net Income increases stockholder’s equity by increasing the Common Stock Account True False 2. The management of a company has the right to declare a dividend when the Board of Directors has refused to declare one and it is clear that there are funds to cover the dividend. True False 3. A corporation operating at a profit would close out the income summary account during the closing process by a). crediting income summary and debiting contributed capital b). debiting income summary and crediting contributed capital c). crediting income summary and debiting retained earnings. D). Debiting income summary and crediting retained earnings 4. What is the journal entry needed when 52,000 shares of $5 par value common stock are issued (sold) at $22.50 per share? 5. What is the journal entry needed when 15,500 shares of $100 par value preferred stock are issued at $109 per share? 6. What is the journal entry needed when 3,000 shares of stock of $10 stated value common stock are issued at $16 per share 7.What is the journal entry needed when 1,000 shares of common stock are exchanged for the corporation promoters to start up the corporation, estimated worth to be $30,000. The stock has a $1 per share par value. 6. What is the journal entry needed when 5,000 shares of no par, no stated value common stock is sold for $40,000 9. What is the journal entry needed when 10,000 shares of $10 par value common stock is exchanged for land and a building. The land is worth $60,000 and the building is worth $120,000.
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1. Net Income increases stockholder’s equity by increasing the Common Stock Account
True
False 2. The management of a company has the right to declare a dividend when the Board of
Directors has...

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