Chapter 10

Chapter 10

University

5 Qs

quiz-placeholder

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Chapter 10

Chapter 10

Assessment

Quiz

Mathematics

University

Practice Problem

Hard

Created by

Kara Isaacs

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Media Image

A. $330

million

B. $815

million

C. $400

million

D. $70

million

Answer explanation

Common Stock+ Additional Paid in Capital

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The two main categories of​ stockholders' equity are

A. retained earnings and​ paid-in capital.

B. retained earnings and common stock.

C. assets and liabilities.

D. common stock and preferred stock.

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following is a characteristic of a​ corporation?

A. Limited liability of stockholders

B. No income tax

C. Mutual agency

D. Both b and c

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Preferred stock is least likely to have which of the following​ characteristics?

A. Preference as to dividends

B. Preference as to assets on liquidation of the corporation

C. Preference as to voting

D. The right of the holder to convert the shares to common stock

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

If a corporation issues 3,500

shares of $2.00

par value common stock for $21,000​,

the journal entry would include a credit to

A.

Common Stock for

$7,000.

B.

Retained Earnings for

$7,000.

C.

Common Stock for

$21,000.

D.

​Paid-in Capital in Excess of

Par—Common

for

$21,000.