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1.The entry to record selling 300 shares of no-par common stock with a stated value of $60 for $70 would be to __________. A. debit Cash $21,000; credit Common Stock $21,000 B. debit Cash $18,000; credit Common Stock $18,000 C. debit Cash $21,000; credit Common Stock $18,000; debit Paid-in Capital in Excess of Par Value-Common $3,000 2.The entry to record MidIowa.net selling 800 shares of $6.00 par value common stock at $8.00 would be to __________. A. debit Cash $6,400; credit Common Stock $4,800; credit Paid-in Capital in Excess of Par Value-Common $1,600 B. debit Cash $4,800; credit Common Stock $4,800 C. debit Cash $6,400; debit Paid-in Capital in Excess of Par Value-Common $1,600; credit Common Stock $8,000 D. none of the above 3.The major parts of the Stockholders’ Equity section of the balance sheet are __________. A. Paid-in Capital and Retained Earnings B. Stock and Retained Earnings C. Stock, Paid-in Capital, and Retained Earnings D. Authorized Stock and Preferred Stock 4.Rhubarb Corporation’s outstanding stock is 100 shares of $100, 11% cumulative nonparticipating preferred stock, and 2,000 shares of $12 par value common stock. Rhubarb paid $1,600 cash dividends during the year. Common stockholders received __________. A. $0 B. $500 C. $2,500 D.$1100.00 5.Soy.com has 100 shares of $100, 6% cumulative nonparticipating preferred stock, and 1,000 shares of $10 par value common stock outstanding. The company paid $2,000 cash dividends including one-year dividends in arrears to preferred stockholders. Preferred stockholders received __________. A. $1,200 B. $2,000 C. $182 D. $600 Dolly’s Best issued 200 shares of its $10 common stock in exchange for used packaging equipment with a fair market value of $2,400. The entry to record the acquisition of the equipment would include a __________. A. debit to Equipment for $2,000 B. debit to Paid-in Capital in Excess of Par for $400 C. credit to Common Stock for $2,400 D. DEBIT TO EQUIPMENT FOR 2400 Custer.com’s outstanding stock is 100 shares of $100, 6% cumulative nonparticipating preferred stock, and 1,000 shares of $10 par value common stock. Custer paid $2,000 cash dividends including one-year dividends in arrears to preferred stockholders. Common stockholders received __________. A. $0 B. $800 C. $1,818 If only one type of stock is issued, it is __________. A. no-par preferred stock B. preferred stock C. legal capital D. common stock D. $600 D. debit to Equipment for $2,400

1.The entry to record selling 300 shares of no-par common stock with a stated value of $60 for $70 would be to __________. A. debit Cash $21,000; credit Common Stock $21,000 B. debit Cash $18,000; credit Common Stock $18,000 C. debit Cash $21,000; credit Common Stock $18,000; debit Paid-in Capital in Excess of Par Value-Common $3,000 2.The entry to record MidIowa.net selling 800 shares of $6.00 par value common stock at $8.00 would be to __________. A. debit Cash $6,400; credit Common Stock $4,800; credit Paid-in Capital in Excess of Par Value-Common $1,600 B. debit Cash $4,800; credit Common Stock $4,800 C. debit Cash $6,400; debit Paid-in Capital in Excess of Par Value-Common $1,600; credit Common Stock $8,000 D. none of the above 3.The major parts of the Stockholders’ Equity section of the balance sheet are __________. A. Paid-in Capital and Retained Earnings B. Stock and Retained Earnings C. Stock, Paid-in Capital, and Retained Earnings D. Authorized Stock and Preferred Stock 4.Rhubarb Corporation’s outstanding stock is 100 shares of $100, 11% cumulative nonparticipating preferred stock, and 2,000 shares of $12 par value common stock. Rhubarb paid $1,600 cash dividends during the year. Common stockholders received __________. A. $0 B. $500 C. $2,500 D.$1100.00 5.Soy.com has 100 shares of $100, 6% cumulative nonparticipating preferred stock, and 1,000 shares of $10 par value common stock outstanding. The company paid $2,000 cash dividends including one-year dividends in arrears to preferred stockholders. Preferred stockholders received __________. A. $1,200 B. $2,000 C. $182 D. $600 Dolly’s Best issued 200 shares of its $10 common stock in exchange for used packaging equipment with a fair market value of $2,400. The entry to record the acquisition of the equipment would include a __________. A. debit to Equipment for $2,000 B. debit to Paid-in Capital in Excess of Par for $400 C. credit to Common Stock for $2,400 D. DEBIT TO EQUIPMENT FOR 2400 Custer.com’s outstanding stock is 100 shares of $100, 6% cumulative nonparticipating preferred stock, and 1,000 shares of $10 par value common stock. Custer paid $2,000 cash dividends including one-year dividends in arrears to preferred stockholders. Common stockholders received __________. A. $0 B. $800 C. $1,818 If only one type of stock is issued, it is __________. A. no-par preferred stock B. preferred stock C. legal capital D. common stock D. $600 D. debit to Equipment for $2,400

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