Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Rocky Mountain Ski Wear's balance sheet disclosed following stockholder's equity
Account balances at the end of 20X5:

Common stock $350,000
Retained earnings 180,000
Notes Payable 70,000
Contributed capital in excess of par: common 120,000
Contributed capital in excess of par: preferred 40,000
Preferred stock 90,000

Total amount invested by stockholders and corporation's total stockholders equity are:

  Invested by stockholders Total stockholders' equity
a $600,000 $780,000
b $670,000 $850,000
c $780,000 $780,000
d $440,000 $620,000
e None of the above.

2. Nancy's High Fashion, Inc., has 200,000 shares of $10 par value common stock and 2,000 shares of $100 par value preferred stock outstanding. Preferred stock is noncumulative and has call price of $110. Total stockholders' equity is $4 million. Book value per share of common stock is:

a. $17.80
b. $18.00
c. $20.00
d. $37.80
e. None of the above.

3. Mellon Corporation declared 10% stock dividend on its S1 par value common stock when there were 100,000 shares outstanding. Market value of stock on date of declaration was $4 per share. How does entry to record this declaration affect total stockholders' equity?

a. No effect.
b. $10,000 increase.
c. $10,000 decrease.
d. $40,000 decrease.
e. $40,000 increase.

4. Which of the given items would be accounted for as prior period adjustment?

a. Appropriation of retained earnings.
b. Correction of an error.
c. Reissuance of treasury stock at a price below cost.
d. Change in accounting principle.
e. Change in the estimated life of a plant asset.

5. Which of the given items may be considered the extraordinary item on income statement?

a. prepare-down of inventories because of obsolete items.
b. Gain on the disposal of a business segment.
c. Loss from an earthquake.
d. Gain on the sale of a building.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921820

Have any Question? 


Related Questions in Accounting Basics

Question 1 the following are the selected entries for

Question 1 The following are the selected entries for Lehman Hospital for December 31, 2015 and 2014. Create Lehman Hospital's Balance Sheet. 2015 2014 Bonds Payable $64,000,000 $65,000,000 Current Assets 21,000,000 18,0 ...

Accountinguse the internet to research an annual report of

Accounting Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most impor ...

Assignment the apportionmentyou are a census officer in a

Assignment: The Apportionment You are a census officer in a newly democratic nation and you have been charged with using the census data from the table below to determine how 100 congressional seats should be divided amo ...

Problemin an annual audit on december 31 2016 novelty

Problem In an annual audit on December 31, 2016, Novelty company provided the following transactions: 1. Merchandise was received on January 8, 2017, and related purchase invoice recorded on January 5, 2017. The invoice ...

Project assignmentdo investors react to stock

Project Assignment Do Investors React to Stock Dividends? Financial accounting theory predicts that there should be no market reaction to a company's stock dividend. This is because the market value of the shares should ...

Part 1true false questionsselect the correct answer1 a

Part 1: True / False Questions Select the correct answer 1. A single plant-wide overhead rate generally provides more accurate product costs than multiple departmental overhead rates. True False 2. The use of a predeterm ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "Forecasting" Please respond to the following: • Assess the financial performance forecasting proc ...

What is ubit and what are some exceptions to the rule why

What is UBIT and what are some exceptions to the rule? Why do you think these exceptions exist? What is the significance of the "regularly carried on" test as it relates to UBIT? Required: Half to one page only 2 referen ...

Company name is chevronapply ifrs 1 adopting ifrs and rev

Company name is Chevron Apply IFRS 1, "Adopting IFRS" and "Rev Rec" to your U.S. company used in the "Comparison Project" for the final effort in class which is to develop a plan for the transition to both IFRS and Rev R ...

Assignmentto write discussion post min 350 words for each

Assignment To write discussion post. Min 350 words for each task. Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 word ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro