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Use the following information to answer the question below.
The following accounts appear in the ledger of Sayre Corporation on December 31, 20x8:
|
Preferred Stock |
$30,000 |
|
Common Stock |
77,000 |
|
Additional Paid-in Capital, Preferred |
7,000 |
|
Additional Paid-in Capital, Common |
18,000 |
|
Retained Earnings |
40,000 |
A balance sheet prepared on December 31, 20x8, would report total stockholders' equity of
|
a. |
$132,000. |
|
b. |
$114,000. |
|
c. |
$172,000. |
|
d. |
$107,000. |
114.If Willis Corporation has 80,000 shares of common stock authorized, has 50,000 shares of common stock issued, and holds 6,500 shares of common stock as treasury stock, the total number of outstanding shares of Willis Corporation amounts to
|
a. |
73,500. |
|
b. |
43,500. |
|
c. |
27,500. |
|
d. |
31,500. |
115.Outstanding shares of stock are
|
a. |
also called treasury shares. |
|
b. |
authorized shares that have not yet been issued. |
|
c. |
issued shares that are still in circulation. |
|
d. |
shares of stock owned by unknown individuals. |
116.Shares of treasury stock are
|
a. |
shares held by the U.S. Treasury Department. |
|
b. |
unissued shares that are held by the treasurer of the corporation. |
|
c. |
issued shares that have been bought back by the corporation and are being held by the corporation. |
|
d. |
part of the total outstanding shares but not part of the total issued shares of a corporation. |
117.Residual equity is a descriptive phrase for
|
a. |
common stock. |
|
b. |
long-term liabilities. |
|
c. |
treasury stock. |
|
d. |
preferred stock. |
118.Legal capital is a descriptive phrase for
|
a. |
stockholders' equity. |
|
b. |
residual equity. |
|
c. |
par value. |
|
d. |
market value. |
119.How should dividends in arrears be shown on a corporation's balance sheet?
|
a. |
As an increase in liabilities |
|
b. |
In a note or in the body of the financial statements |
|
c. |
As an increase in stockholders' equity |
|
d. |
As a decrease in assets |
120.Holders of common stock must be made aware of possible restrictions on common dividends when the preferred stock is
|
a. |
noncumulative. |
|
b. |
callable. |
|
c. |
convertible. |
|
d. |
cumulative. |
121.When shares of preferred stock may be redeemed by the corporation at a certain price, the shares are said to be
|
a. |
convertible. |
|
b. |
nonconvertible. |
|
c. |
callable. |
|
d. |
cumulative. |
122.Convertible preferred stock is preferred stock that may be exchanged for
|
a. |
cash at the option of the corporation. |
|
b. |
common stock at the option of the corporation. |
|
c. |
common stock at the option of the stockholder. |
|
d. |
cash at the option of the stockholder. |
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