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

Accounting discussion questionaccounts receivable bad debt

Accounting Discussion Question "Accounts Receivable Bad Debt Expense (Direct Write Off Method Vs Allowance Method)": • Discuss the primary advantages and disadvantages of applying the direct write-off over the allowance ...

Finlon upholstery inc uses a job-order costing system to

Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance she ...

Question 1in using the total cost concept of applying the

Question 1 In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup. True False Question 2 What is the effect of a stock dividend on the balance sheet? A ...

Assignmentpigskin must decides how many footballs to

Assignment Pigskin must decides how many footballs to produce each month for 6-month planning horizon. Monthly demand must be satified on time. Set a model to determine the production plan for next 6 months which incurs ...

Question 1with respect to transferability of ownership

Question 1 With respect to transferability of ownership interests, a sole proprietor may: not transfer her interests may only transfer her interest with approval of the state freely transfer her interests transfer her in ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

On december 31 2017 buffalo company signed a 1137500 note

On December 31, 2017, Buffalo Company signed a $1,137,500 note to Carla Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Un ...

Assignmenttravel-r-us inc travel is a publicly-traded

Assignment Travel-R-Us, Inc. (Travel) is a publicly-traded company with annual revenue of $370 million and a fiscal year ending May 31. Travel owns and operates three cruise ships serving Alaska, the Mediterranean, and t ...

1 several years ago courtney borrowed 100000 from the

1) Several years ago, Courtney borrowed $100,000 from the Friendly Local Bank and used it to buy an apartment building. Courtney has not been able to rent any of the apartments in the building and has not made any princi ...

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 "learning experience and application of knowledge" please respond to the following: • Assume you h ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen