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?
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1 .Selected information from the accounts ofRow Co. at December 31, Year 5, follows: Total income since incorporation USD420,000 Total cash dividends paid 130,000 Total value of property dividends distributed 30,000 Excess of proceeds over cost of treasury stock sold, accounted for using the cost method 110,000 In its December 31, Year 5, financial statements, what amount should Row report as retained earnings?
A USD400,000 B USD370,000 C USD260,000 D USD290,000
2 .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.
3 .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
4 .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.
5 .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
7 .When computing the weighted average of common shares outstanding for basic earnings per share, convertible securities are:
A Recognized whether they are dilutive or anti-dilutive. B Ignored. C Recognized only if they are dilutive. D Recognized only if they are anti-dilutive.
8 .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
9 .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.
10 .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
