When computing the weighted average of common shares outstanding for basic earnings per share, convertible securities are:
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1 .When a company declares a cash dividend, retained earnings is decreased by the amount of the dividend on the date of:
A Payment. B Declaration. C Declaration or record, whichever is earlier. D Record.
2 .The following changes in Vel Corp.'saccount balances occurred during the current year: Increase Assets USD89,000 Liabilities 27,000 Capital stock 60,000 Additional paid-in capital 6,000 Except for a USD13,000 dividend payment and the year's earnings, there were no changes in retained earnings for the current year. What was Vel's current year net income?
A USD9,000 B USD4,000 C USD13,000 D USD17,000
3 .Murphy Co. had 200,000 shares outstanding of USD10 par common stock on March 30 of the current year. Murphy reacquired 30,000 of those shares at a cost of USD15 per share, and recorded the transaction using the cost method on April 15. Murphy reissued the 30,000 shares at USD20 per share, and recognized a USD50,000 gain on its income statement on May 20. Which of the following statements is correct?
A Murphy's net income for the current year is understated. B Murphy should have recognized a USD50,000 loss on its income statement for the current year. C Murphy's comprehensive income for the current year is correctly stated. D Murphy's net income for the current year is overstated.
4 .Lem Co., which accounts for treasury stock under the par value method, acquired 100 shares of its USD6 par value common stock for USD10 per share. The shares had originally been issued by Lem for USD7 per share. By what amount would Lem's additional paid-in capital from common stock decrease as a result of the acquisition?
A USD0 B USD300 C USD400 D USD100
5 .Which of the following financial instruments issued by a public company should be reported on the issuer's books as a liability on the date of issuance?
A Common stock that contains an unconditional redemption feature. B Common stock that is issued at a 5% discount as part of an employee share purchase plan. C Preferred stock that is convertible to common stock five years from the issue date. D Cumulative preferred stock.
7 .Dilutive stock options would generally be used in the calculation of:
A Basic earnings per share-- Yes; Diluted earnings per share-- No B Basic earnings per share-- No; Diluted earnings per share-- No C Basic earnings per share-- No; Diluted earnings per share-- Yes D Basic earnings per share-- Yes; Diluted earnings per share-- Yes
8 .The per-share amount must be reported on the face of a public company’s income statement for which of the following items?
A Compensation effect of fair value on stock options. B Preferred stock dividend. C Income from continuing operations. D U.S. Treasury stock.
9 .Fara Co. reported bonds payable of USD47,000 at December 31, Year 1, and USD50,000 at December 31, Year 2. During Year 2, Fara issued USD20,000 of bonds payable in exchange for equipment. There was no amortization of bond premium or discount during the year. What amount should Fara report in its Year 2 statement of cash flows for redemption of bonds payable?
A USD20,000 B USD17,000 C USD23,000 D USD3,000
10 .How should a gain from the sale of used equipment for cash be reported in a statement of cash flows using the indirect method?
A In operating activities as a deduction from income. B In investment activities as a cash outflow. C In operating activities as an addition to income. D In investment activities as a reduction of the cash inflow from the sale.
