Sample content 1- Multiple Choice Question 123 Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $600,000 and a market value of $540,000, which of the following would be the journal entry for Ranier to record? Land 540,000 Preferred Stock 540,000 Land 540,000 Preferred Stock 500,000 Paid-in Capital Excess of Par-Preferred 40,000 Land 500,000 Preferred Stock 500,000 Land 600,000 Preferred Stock 500,000 Paid-in Capital in Excess of Par-Preferred 100,000 2- Multiple Choice Question 181 Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2013. There were no dividends declared in 2012. The board of directors declares and pays a $120,000 di

1. ACC 557 Week 8 Quiz
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Sample content
1-
Multiple Choice Question 123

2. Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value
preferred stock and 500,000 shares of no-par common stock with a stated value of
$1 per share. If Ranier issues 5,000 shares of preferred stock for land with an
asking price of $600,000 and a market value of $540,000, which of the following
would be the journal entry for Ranier to record?
Land
540,000
Preferred Stock
540,000
Land
540,000
Preferred Stock
500,000
Paid-in Capital Excess of Par-Preferred
40,000
Land
500,000
Preferred Stock
500,000
Land
600,000
Preferred Stock

3. 500,000
Paid-in Capital in Excess of Par-Preferred
100,000
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Multiple Choice Question 181
Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred
stock and 40,000 shares of $1 par value common stock outstanding at December
31, 2013. There were no dividends declared in 2012. The board of directors
declares and pays a $120,000 dividend in 2013. What is the amount of dividends
received by the common stockholders in 2013?
$0
$50,000
$70,000
$20,000
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Multiple Choice Question 201
A net loss
occurs if operating expenses exceed cost of goods sold.
is closed to Retained Earnings even if it would result in a debit balance.
is closed to the paid-in capital account of the stockholders’ equity section
of the balance sheet.
is not closed to Retained Earnings if it would result in a debit balance.
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4. Multiple Choice Question 98
Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total
issue of stock sold for $15 per share. The journal entry to record this transaction
would include a
debit to Cash for $60,000.
c
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