Jones Co. had 50,000 shares of USD5 par value common stock outstanding at January 1. On August 1, Jones declared a 5% stock dividend followed by a two-for-one stock split on September 1. What amount should Jones report as common shares outstanding at December 31?
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1 .A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost USD35,000 and he has taken USD12,000 in depreciation. The old automobile is currently worth USD20,000 and the new automobile the taxpayer wants in exchange is worth USD20,000. No other cash or property is exchanged in the transaction. What is the gain or loss recognized by the taxpayer on this transaction?
A USD3,000 gain. B USD3,000 loss. C USD15,000 loss. D USD0
2 .Division Corporation has 20,000 shares of USD5.00 participating 9 percent cumulative preferred stock and 100,000 shares of USD2.00 common stock. On July 1, the board of Division declared a USD30,000 dividend at the time the common stock was selling for USD25 per share and the preferred stock was selling for USD30. The total dividends paid to each class of stock on the payment date was:
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3 .Under the Sales Article of the UCC, which of the following circumstances will relieve a buyer from the obligation of accepting a tender or delivery of goods?I. If the goods do not meet the buyer's needs at the time of the tender or delivery.II. If the goods at the time of the tender or delivery do not exactly conform to the requirements of the contract.
A I only. B Neither I nor II. C II only. D Both I and II.
4 .Jensen performed legal services to assist Balm Co. in accomplishing its initial organization. Jensen accepted 1,000 shares of USD5 par common stock in Balm as payment for his services. The Balm shares were not yet publicly traded, but they had a book value of USD4 per share. Jensen provided 48 hours of service, which is normally billed at USD125 per hour. By what amount should the common stock account increase?
A USD5,000 B USD4,000 C USD1,000 D USD6,000
5 .Which of the following statements would not apply to a written contract governed by the provisions of the UCC Sales Article?
A The obligations of a nonmerchant may be different from those of a merchant. B The contract may involve the sale of personal property. C The contract must involve the sale of goods for a price of USD500 or more. D The obligations of the parties must be performed in good faith.
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A USD3,500 gain B USD3,500 loss C USD3,000 loss D USD6,500 loss
8 .Which of the following should not be disclosed in an enterprise's statement of cash flows prepared using the indirect method?
A Interest paid, net of amounts capitalized. B Income taxes paid. C Cash flow per share. D Dividends paid on preferred stock.
9 .Under the Sales Article of the UCC, which of the following factors is most important in determining who bears the risk of loss in a sale of goods contract?
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