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1. When corporation has both preferred and common stock outstanding, earnings per share is find outd by dividing net income:

i) by ending common shares outstanding.
ii) by weighted average common shares outstanding.
iii) less preferred dividends by ending common shares outstanding.
iv) less preferred dividends by the weighted average of common shares outstanding.

2. In finding earnings per share, dividends for current year on noncumulative preferred stock must be:

i) disregarded.
ii) added back to net income whether declared or not.
iii) deducted from net income only if declared.
iv) deducted from net income whether declared or not.

3. In stockholders' equity section of balance sheet, classification of capital stock consists of:

i) additional paid-in capital and common stock.
ii) common stock and treasury stock.
iii) common stock, preferred stock, and treasury stock.
iv) common stock and preferred stock.

4. Legal capital per share can't be equal to:

i) par value per share of par value stock.
ii) total proceeds from sale of par value stock above par value.
iii) stated value per share of no-par value stock.
iv) total proceeds from the sale of no-par value stock.

5. Each payment on a mortgage note payable consists of:

i) interest on the original balance of the loan.
ii) reduction of loan principal only.
iii) interest on the original balance of the loan and reduction of loan principal.
iv) interest on the unpaid balance of the loan and reduction of loan principal.

Accounting Basics, Accounting

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