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Question 7 The percentage increase in shares that defines the difference between a small and...

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Accounting

Question 7

The percentage increase in shares that defines the difference between a small and a large stock dividend is which percentage of the previously outstanding shares?

10 to 15%

20 to 25%

5 to 10%

over 50%

Question 8

Where would results of discontinued operations appear on the income statement?

Immediately before income from continuing operations

Immediately before federal income taxes

Immediately after extraordinary items

Immediately after income from continuing operations

Question 9

Increasing numbers of corporations are reporting appropriated retained earnings:

only as a footnote to the stockholders' equity section of the balance sheet.

as a third separate part of the stockholders' equity section of the balance sheet.

directly in the stockholders' equity section of the balance sheet.

both in the stockholders' equity section and as a footnote to the balance sheet.

Question 10

Navajo Corporation has outstanding 10,000 shares of $40 par value common stock, with a current market value of $75. If the stock splits two-for-one:

par value would become $20.

there would be 30,000 shares outstanding.

the market value would probably remain near $75.

the journal entry to record the split would include a debit of $800,000 to Common Stock-$40 par.

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