financial accounting homework

Accounting HW, quite easy

financial accounting

directly answer those questions in WORD

 

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UOG Courses-Examination NAME: STUDENT ID: IMPORTANT: 1. 2. 3. The exam consists of I0 matching questions, I0 multiple choice questions and 2 problems. Make sure that you have a complete exam. To receive credit for your answers on the problems you must show and clearly label all of your computations. Your grade will be influenced by the orderliness and clarity of your answers. When you finish the exam, please turn it in to the teacher. Matching (10 Questions @ 1 point each): Choose the best answer to each question below and put the letter corresponding to your choice next to the number of the question. You may use some answers more than once, and you may end up not using some answers at all. Match each term below with the description that fits it best. 1. Treasury stock 2. Issued capital stock 3. Outstanding capital stock 4. Authorized capital stock 5. Subscribed capital stock Answers for Questions 1, 2, 3, 4, 5: A. Shares of capital stock that a corporation has issued to stockholders and that are still being held by the stockholders as of a specific date. B. Shares of capital stock that a corporation may issue as stated in its corporate charter. C. Shares of capital stock that a corporation has issued to its stockholders as of a specific date. D. Shares of capital stock that a corporation has issued but that are no longer outstanding. E. An appropriate description of the item does not appear (i.e., none of the above). Match each term below with the description that fits it best. 6. Scrip Dividend 7. Liquidating Dividend 8. Basic Earnings per Share 9. Diluted Earnings per Share 10. The Date of Declaration Answers for Questions 6, 7, 8, 9, 10: UOG Courses-Examination A. B. Required to be reported for a company that has a simple capital structure. The date on which only investors listed in the stockholders’ ledger can receive the dividend. C. May be issued when a corporation has adequate retained earnings to meet the legal dividend requirements, but insufficient cash to justify a current cash dividend. D. Represents a return of contributed capital rather than a distribution of retained earnings (usually issued when a corporation is ceasing or reducing operations). E. An appropriate description of the item does not appear (i.e., none of the above). Multiple Choice (10 Questions@ 5 points each): Choose the best answer to each question below and put the letter corresponding to your choice next to the number of the question. 11. The W. J. Clinton Company issued 750 shares of $1 stated value common stock in exchange for land from the Whitewater Investment Company. The Whitewater Investment Company carried the land on its books at $45,000. The land was recently appraised at $70,000. The W. J. Clinton Company’s common stock has a current market price of $100/share. When recording this transaction, how much should the W. J. Clinton Company record as additional paid in capital? A. $750 B. $44,250 C. $69,250 D. $70,750 E. $74,250 12. On July 15, Reagan, Inc. was incorporated and subsequently entered into a subscription contract to sell 10,000 shares of $10 par common stock at a price of $22/share. The contract requires a down payment of 10%, with the remaining balance to be paid on October 1. The stock will be issued to each subscriber upon full payment. Assume that no other transactions affected common stock during the year. A total of 9,000 shares were paid for under the subscription agreement, and the remaining 1,000 shares were sold to the market at $9/share on October 2. What is the balance in the Common Stock account as of December 31? A. $90,000 B. $99,000 C. $100,000 D. $193,000 E. $207,000 13. JFK Corporation has 10 executives to whom it grants compensatory stock options on January 1, 2007. At that time, it grants each executive the right to purchase 1,000 shares of its $1 par value common stock at $12/share after a 4-year service period. UOG Courses-Examination The value of each option is estimated to be $2.45 on the grant date. Based on its average employee turnover rate each year, JFK expects that a total of 1 executive will NOT vest in the plan. If JFK does not change its assumptions, how much compensation expense will be recognized during 2009? A. $5,513 B. $16,539 C. $22,050 D. $30,000 E. $90,000 14. On January 1, 2008, Washington, Inc. issues 900 shares of $100 par convertible preferred stock for $134/share. Each share of convertible preferred stock can be converted into J. shares of $10 par value common stock. If preferred shareholders convert 200 shares of preferred stock into common stock, how much will Washington, Inc. record in the Common Stock account? A. $0 B. $2,000 C. $6,000 D. $20,000 E. $26,800 15. 0n June 15, 2008, Jefferson Adams, Inc. had 15,000 shares of$5 par value common stock issued and outstanding. These shares of common stock had originally been issued for $12/share. The company had never repurchased or reissued any of the issued an