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charter oak acc101 week 11 test part 1




Question;1. On September 1, 2000, Galaxy Corporation's common stock;was selling at a market price of $150 per share. On that date, Galaxy announced;a 3 for 2 stock split. At what price would you expect the stock to trade;immediately after the split goes into effect?;Answer;? Question;2;2.45 out of 2.45 points;2. When treasury stock is reissued at a price;above cost;Answer;? Question;3;2.45 out of 2.45 points;3. Alpha Corporation is authorized to issue;2,000,000 shares of $3 par value capital stock. The corporation issued half the;stock for cash at $8 per share, earned $90,000 during the first three months of;operation, and declared a cash dividend of $15,000. The total paid-in capital;of Alpha Corporation after three months of operation is;Answer;? Question;4;2.45 out of 2.45 points;4. Bijou Corporation issued 200,000 shares of;$5 par value common stock at the time of its incorporation. The stock was;issued for cash at a price of $20 per share. During the first year of;operations, the company sustained a net loss of $100,000. The year-end balance;sheet would show the balance of the Common Stock account to be;Answer;? Question;5;2.45 out of 2.45 points;5. Adella Corporation has outstanding 50,000;shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par;value cumulative preferred stock. At the beginning of the year, the balance in;retained earnings was $500,000, and one year's dividends were in arrears. Net;income for the current year is $260,000. Compute the balance in retained;earnings at the end of the year if Adella Corporation pays a dividend of $2 per;share on its common stock this year.;Answer;? Question;6;2.45 out of 2.45 points;Use the following to answer;question 6;On January 1, 2002, Moon Corporation issued 80,000 shares of;its total 200,000 authorized shares of $3 par value common stock for $10 per;share. On December 31, 2002, Moon Corporation's common stock is trading at $15;per share.;6. Refer to the above;data. Assuming Moon Corporation did not issue any more common stock in 2002;how does the increase in value of its outstanding stock affect Moon?;Answer;? Question;7;2.45 out of 2.45 points;Use the following to answer;questions 7 - 10;Shown below is information relating to the stockholders;equity of Surf Corporation as of December 31, 2001;8% cumulative preferred stock, $100 par;Callable at $106 $;200,000;Common stock, $10 par, 500,000 shares;Authorized, 80,000;shares issued and outstanding 800,000;Additional paid-in capital: common stock 300,000;Retained earnings (Deficit) (20,000);Dividends in arrears 16,000;7. Refer to the above;data. How many shares of preferred stock are issued and outstanding?;Answer;? Question;8;2.45 out of 2.45 points;8. Refer to the above data. What was the;original issue price per share of common stock?;Answer;? Question;9;2.45 out of 2.45 points;9. Refer to the above data. Compute total;paid-in capital.;Answer;? Question;10;2.45 out of 2.45 points;10. Refer to the above data. Total;stockholders' equity is;Answer;? Question;11;2.45 out of 2.45 points;11. Which of the following;individuals has the most power to influence corporate policy on a long-term;basis?;Answer;? Question;12;2.45 out of 2.45 points;12. The overall effect of declaring and;distributing a cash dividend includes each of the following except;Answer;? Question;13;2.45 out of 2.45 points;13. The financial statements of a;corporation that failed during the current year to pay any dividends on its;cumulative preferred stock should;Answer;? Question;14;2.45 out of 2.45 points;14. Which of the following best describes the;book value of a share of stock?;Answer;?


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