Question Details

(Answered) Use the following to answer questions 7 - 10: Shown below is


Use the following to answer questions 7 - 10:

 

Shown below is
More Details:

Use the following to answer questions 7 - 10:,

 

,

 

Shown below is information relating to the stockholders' equity of Surf Corporation as of December 31, 2001:,

 

,

 

,

 

,

 

,

 

,

 

8% cumulative preferred stock, $100 par,,

 

,

 

Callable at $106 $ 200,000,

 

,

 

Common stock, $10 par, 500,000 shares,

 

,

 

Authorized, 80,000 shares issued and outstanding 800,000,

 

,

 

Additional paid-in capital: common stock 300,000,

 

,

 

Retained earnings (Deficit) (20,000),

 

,

 

Dividends in arrears 16,000,

 

,

 

,

 

,

 

,

 

,

 

7. Refer to the above data. How many shares of preferred stock are issued and outstanding?,

 

,

 

Answer,

 

,

 

A) 1,851 shares,

 

,

 

,

 

B) 2,000 shares.,

 

,

 

,

 

C) 20,000 shares.,

 

,

 

,

 

D) Some other amount.,

 

,

 

Question 8,

 

,

 

,

 

,

 

8. Refer to the above data. What was the original issue price per share of common stock?,

 

,

 

Answer,

 

,

 

A) $10.00 per share.,

 

,

 

B) $12.50 per share.,

 

,

 

C) $13.75 per share.,

 

,

 

,

 

D) Some other amount.,

 

,

 

,

 

Question 9,

 

,

 

,

 

,

 

9. Refer to the above data. Compute total paid-in capital.,

 

,

 

,

 

Answer,

 

,

 

A) $1,320,000.,

 

,

 

,

 

B) $1,280,000.,

 

,

 

,

 

C) $1,300,000.,

 

,

 

,

 

D) Some other amount.,

 

,

 

,

 

Question 10,

 

,

 

,

 

,

 

10. Refer to the above data. Total stockholders' equity is:,

 

,

 

Answer,

 

,

 

A) $1,300,000.,

 

,

 

B) $1,320,000.,

 

,

 

,

 

C) $1,280,000.,

 

,

 

,

 

D) Some other amount.,

 

,

 

,

 

,

 

,

 

Question 11,

 

,

 

,

 

11. Which of the following individuals has the most power to influence corporate policy on a long-term basis?,

 

Answer,

 

,

 

A) A shareholder owning 60% of the outstanding common stock.,

 

,

 

B) A shareholder owning 80% of the outstanding preferred stock.,

 

,

 

C) The treasurer of the corporation.,

 

,

 

D) The controller of the corporation.,

 

,

 

Question 12,

 

,

 

,

 

12. The overall effect of declaring and distributing a cash dividend includes each of the following except:,

 

Answer,

 

,

 

A) Reducing total assets.,

 

,

 

B) Reducing stockholders' equity,

 

,

 

C) Reducing the balance of the Retained Earnings account,

 

,

 

D) Reducing net income for the period.,

 

,

 

,

 

Question 13,

 

,

 

,

 

13. The financial statements of a corporation that failed during the current year to pay any dividends on its cumulative preferred stock should:,

 

Answer,

 

,

 

A) Include the amount of the omitted dividends among its current liabilities,

 

,

 

B) Include a footnote disclosing the amount of the dividends in arrears.,

 

,

 

C) Show the amount of the omitted dividends as a deduction from retained earnings.,

 

,

 

D) List the omitted dividends as a long-term liability.,

 

,

 

,

 

Question 14,

 

,

 

,

 

14. Which of the following best describes the book value of a share of stock?,

 

Answer,

 

,

 

A) Net assets divided by the number of shares outstanding.,

 

,

 

B) The amount at which the stock would sell on the market if sold by a willing and informed seller to a willing and informed buyer.,

 

,

 

C) Total assets of the company, as reported in the accounting records, divided by the number of shares of stock outstanding.,

 

,

 

D) Total stockholders' equity divided by the number of shares authorized

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 18, 2020

PRICE: $18.50

Solution~00031147884003.zip (25.37 KB)

Buy this answer for only: $18.50

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 18, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now