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1. Koon Corporation has stock outstanding given below:

6% Preferred, $100 Par $1,200,000
Common Stock, $50 Par 2,000,000

No dividends were paid the previous 2 years. If Koon declares $400,000 of dividends in current year, how much will preferred stockholders receive if preferred stock is cumulative?

a) $184,000
b) $216,000
c) $72,000
d) $144,000

2. Fison Corp. bought 15,000 shares of its $2 par common stock at cost of $12 per share on April 30, 2006. The stock was originally issued at $10 per share. Entry to record purchase of stock must include a debit to:

a) Common Stock for $30,000.
b) Treasury Stock for $30,000.
c) Common Stock for $180,000.
d) Treasury Stock for $180,000.

3. A Discount on Bonds Payable account:

a) is contra account to Bonds Payable.
b) will cause interest expense to be less than cash interest payable.
c) is increased over the life of the bond until it equals bond's face value.
d) is an adjunct account to Bonds Payable.

4. If market rate of interest is lower than stated rate, bonds will sell at amount:

a) equal to face value.
b) not determinable from given information.
c) lower than face value.
d) higher than face value.

Accounting Basics, Accounting

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