Questions from Financial Accounting

Q: A company paid $24 per share to purchase 600 shares of

A company paid $24 per share to purchase 600 shares of its common stock as treasury stock. The stock was originally issued at $16 per share. The journal entry to record the purchase of the treasury st...

Q: When treasury stock is sold for less than its cost, the

When treasury stock is sold for less than its cost, the entry could include a debit to: a. Paid-in Capital in Excess of Par. b. Retained Earnings. c. Gain on Sale of Treasury Stock. d. Loss on Sale...

Q: Susan Smith Exports, Inc., is located in Birmingham, Alabama

Susan Smith Exports, Inc., is located in Birmingham, Alabama. Smith is the only company with reliable sources for its imported gifts. The company does a brisk business with specialty stores such as Bl...

Q: A company purchased 100 shares of its common stock at $50

A company purchased 100 shares of its common stock at $50 per share. It then sells 35 of the treasury shares at $56 per share. The entry to sell the treasury stock includes a a. credit to Paid-in Cap...

Q: Stockholders are eligible for a dividend if they own the stock on

Stockholders are eligible for a dividend if they own the stock on the date of: a. record. b. issuance. c. declaration. d. payment.

Q: Lucas Foods has outstanding 600 shares of 7% preferred stock,

Lucas Foods has outstanding 600 shares of 7% preferred stock, $100 par value, and 1,600 shares of common stock, $30 par value. Lucas declares dividends of $15,800. The correct entry is:

Q: A corporation has 40,000 shares of 10% preferred stock

A corporation has 40,000 shares of 10% preferred stock outstanding. Also, there are 40,000 shares of common stock outstanding. Par value for each is $100. If a $500,000 dividend is paid, how much goes...

Q: Assume the same facts as in question 70. What is the

Assume the same facts as in question 70. What is the amount of dividends per share on common stock? a. $1.00 b. $5.50 c. $2.50 d. $12.50 e. None of these

Q: Antonio Companys net income and interest expense are $27,000

Antonio Companys net income and interest expense are $27,000 and $3,000, respectively , and average total assets are $600,000. How much is Antonios return on assets? a. 5.0% b. 4.5% c. 6.2% d. 4.0%

Q: SHOE received $73,000,000 for the issuance of

SHOE received $73,000,000 for the issuance of its stock on April 24. The par value of the SHOE stock was only $73,000. Was the excess amount of $72,927,000 a profit to SHOE? If not, what was it? Supp...