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1. Quiz Questions for Chapter 11 The XCel Corporation had the following shares of stock outstanding at December 31, Year 3: Common Stock, 550 par value, 40,000 shares outstanding and Preferred Stock, 6 percent, $100 par value, cumulative, 10,000 shares outstanding. Dividends for Year 1 and Year 2 were in arcars. On December 31, Year 3. XCel declared total cash dividends of $250,000. The total amounts payable to preferred stockholders and common stockholders, respectively, are: $60,000/S190,000 b. $120,000/$130,000. S180.0007570,000 d. $125,000 7 S125.000 Use the following information to answer the next four questions. The Kansas Company was started when it issued 200 shares of $5 par value common stock at a market price of $20 per share. The company repurchased 10 shares at a market price of S15 per share. Later the company reissued 5 shares at a market price of $20 per share. At the end of the first year of operations the company's equity included $1,200 of retained eamings in addition to its contributed capital 2 The original issue of 200 shares of stock would Thereses by 4/6 intense common stock and Build reaptain excess of par value by S1.000 and $3,030, respectively, b increase cash by S4,000/ increase common stock by $4,000. c. decrease cash by $4,000/ increase common stock common stock by S4,000 d increase cash by $1,000/ increase common stock by $1,000. 3. 4. a The purchase of the 10 shares of the company's own stock would decrease assets / decrease equity. b. decrcate assets/increase equity c. decrease assets / increase treasury stock d. both and What effect would reissuing the 5 shares have on the company's paid-in capital from treasury stock transactions account? No effect b. Increase additional paid in capital by $25 Increase additional paid-in capital by $100. d. Decrease additional paid-in capital by $75 The total amount of stockholders equity at the end of the first year would be a $1.2001 b. $5,200. $5,150 d. none of the above. S. C 6 Which of the following is an advantage of the corporate form of business organization? a. Double taxation b. Amount of regulation c. Entrenched management d. Limited liability BE 7. dc Mark Vasskt started a proprietorship on January 1, Year with a $1,000 cash contribution to the business. During the first year of operations, the company generated $5,000 of cash revenue and incurred $2,000 of cash expenses. Also, Mark withdrew $500 from the business. At the end of Year 1, the balance in the Mark Hasslets. Capital account was a $1,000 b. $3,500, c. $3,000 d $4,000 8 Akses Company is authorized to issue 100,000 shares of common stock. The company issued 60,000 shares of common stock and later repurchased 15,000 shares of its own common stock. How many shares are outstanding? 45,000 b60,000 C. 100,000 d. 40,000 9. An 8% stock dividend on 12,000 shares of outstanding preferred stock with a par value of $20 per share and a market value of $60 a share will have what effect on the accounting equation? Increase preferred stock by $57.600. b. Increase cash by $38,400 c. Decrease retained earnings by S57,600 d Decreate retained earnings by S19.200 10. all Which of the following statements concerning a two-for-one stock split is true? The number of shares outstanding will decrease b. The market price of the stock would be expected to increase The company's equity will increase & The book value of stockholders' equity would not be affected. Eton Company paid cash to purchase treasury stock. Which of the following reflects how this event affects the company's financial statements? C IL Liah Helance Sheet Assets Equity NA NA NA NA NA NA Lecome Statement Rev. Eup. Net Inc. NA NA NA NA NA NA NA NA Statement of Cash Flows FA - FA OA 1 12. Zeto. Company distributed a stock dividend. Which of the following reflects how this event affects the company's financial statement? Balance Sheet Income Statement Statement of Are Lab Faulty Rey - Exp. Net Inc. Cash Flows NA NA NA NA NA NA NA NA NA FA NA NA NA FA NA NA NA NA ! NA NA

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