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Exam 13: Corporations: Organization and Capital Stock Transactions

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Question 101

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The following data is available for BOX Corporation at December 31, 2010: Common stock, par $10 (authorized 15,000 shares} $100,000 Treasury Stock (at cost $15 per share) 600 Based on the data, how many shares of common stock are outstanding?

A) 15,000
B) 10,000
C) 14,960
D) 9,960

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Question 102

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On January 1, 2010, Fairly Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2010, the company purchased 6,000 shares of its common stock for $8 per share for the treasury. On June 1, 2010, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2010, 3,000 treasury shares are sold at $6 per share. Instructions Journalize the stock transactions of Fairly Company in 2010.

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Question 103

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Which of the following factors does not affect the initial market price of a stock?

The term residual claim refers to a stockholders' right to

In the stockholders' equity section of the balance sheet, the classification of capital stock consists of

Dailey Company is a publicly held corporation whose $1 par value stock is actively traded at $22 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $55,000. When recording this transaction, Dailey Company will

The following selected transactions pertain to Nesley Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $22 per share. Feb. 10 Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. Nesley Corporation's common stock has been actively traded on the stock exchange at $25 per share. Instructions Journalize the transactions.

Legal capital per share cannot be equal to the

On July 6, XOT Corporation issued 2,000 shares of its $1.50 par common stock. The market price of the stock on that date was $17 per share. Journalize the issuance of the stock.

Burgess Corporation began business by issuing 200,000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $20,000. The year-end balance sheet would show

The number of common shares outstanding can never be greater than the number of shares issued.

A corporation's own stock that has been reacquired by the corporation but not canceled is called ___________________ and is deducted from total _______________________ on the balance sheet.

Which one of the following is a privately held corporation?

If a corporation has only one class of stock, it is referred to as

The major advantages of the corporate form of organization include (1) limited _________________ of owners, (2) continuous ____________________ and (3) ease of transferring ___________________.