Assignment
1) Define "Par Value".
2) A share of common stock has a par value of $20 per share, and is sold to an investor for $10 per share. Please complete the journal entry for this transaction.
3) What are the three types of company legal structures discussed in the class?
4) Define "Treasury Stock".
5) A share of common stock has a par value of $20 per share, and is sold to an investor for $15 per share. Please complete the journal entry for this transaction.
6) What does IPO stand for in terms of a corporation issuing stock? What is a corporation doing when they go through with an IPO?
7) Which legal structure of a company protects the owner's personal assets from a civil lawsuit?
8) Record the journal entry when there is a stock split.
9) Define a "Dividend".
10) What is the difference between Preferred Stock and Common Stock?
11) Stockholder's typically vote to elect the Board of _______ of a corporation, to whom elects a chairman which the CEO reports to.
12) The Board of Directors of Grantham Landscaping, LLC has declared a dividend of $2 per share. The total outstanding stock of Grantham Landscaping, LLC is 100 shares. Please complete the journal entry for this transaction. (Remember, the dividends have just been declared, not paid)
13) The Board of Directors of Grantham Landscaping, LLC has declared a dividend of $2 per share. The total outstanding stock of Grantham Landscaping, LLC is 100 shares on 10/1/2015. The dividend was actually paid out to the stockholders on 12/1/2015. Please complete the journal entry for this transaction.
14) Douglas Corporation has 750 outstanding shares of stock. The value of each stock is $34 on 5/1/2015. There was a stock split on 5/2/2015. What is the value of the stock at the end of day on 5/2/2015?
15) What are the four types or categories of inventory?
16) Which of the Inventory-Cost-Flow methods is no longer allowed under GAAP?
17) Rocking Chair Manufacturing, Inc. has the following dollar amounts associated with manufacturing the Rocking Chairs it's intended on selling. Raw Materials is $30,000; Work-In-Process is $20,000, Finished Goods is $5,000. There are also five rocking chairs which need repairs that are estimated to be worth $3,000. How much money does Rocking Chair Manufacturing, Inc. have in inventory?
18) Rocking Chair Manufacturing, Inc. has the following dollar amounts associated with manufacturing the Rocking Chairs it's intended on selling. The first 5 Rocking Chairs in inventory have a total cost of $100 each. The next 10 has a total cost of $95 each. The company sells 7 Rocking chairs and practices FIFO for its Inventory-Cost-Flows accounting method.
19) Rocking Chair Manufacturing, Inc. has the following dollar amounts associated with manufacturing the Rocking Chairs it's intended on selling. The first 5 Rocking Chairs in inventory have a total cost of $100 each. The next 10 has a total cost of $95 each. The company sells 7 Rocking chairs and practices Weighted-Average for its Inventory-Cost-Flows accounting method.
20) What does FIFO stand for?