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1. The return on common stockholders' equity is find outd by dividing:

a. net income by ending common stockholders' equity.
b. net income by average common stockholders' equity.
c. net income minus preferred dividends by ending common stockholders' equity.
d. net income minus preferred dividends by average common stockholders' equity.

2. Journal entry to record payroll for Marcus Garvey Company for week ending January 8, would probably include:

a. credit to Office Salaries.
b. credit to Wages Expense.
c. debit to Federal Income Taxes Payable.
d. credit to FICA Taxes Payable.

3. Buffon Electronics Company issues $800,000, 10%, 20-year mortgage note on January 1. Terms give for semiannual installment payments, exclusive of real estate taxes and insurance, of $46,621. After first installment payment, principal balance is:

a. $800,000.
b. $786,427.
c. $793,379.
d. $779,125.

4. Milner Corporation had 200,000 shares of common stock outstanding during year. Milner declared and paid cash dividends of $200,000 on common stock and $160,000 on the preferred stock. Net income for year was $880,000. What is Milner's earnings per share?

a. $2.60
b. $3.40
c. $3.60
d. $4.40

5. Abbott Corporation splits its common stock 4 for 1, when market value is $40 per share. Prior to split, Abbott had 50,000 shares of $10 par value common stock issued and outstanding. After split, par value of stock:

a. remains the same.
b. is reduced to $2 per share.
c. is reduced to $2.50 per share.
d. is reduced to $10 per share.

Accounting Basics, Accounting

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  • Reference No.:- M921740

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