1 1 point Advantages of a C Corporation include: (2) Ease in raising capital Increased regulation and reporting requirements Separate entity legally from the owners Double Taxation 2 1 point Treasury stock is a[n): (choose the best that applies) O contra stock equity account asset liability owner's equity account 3 1 point a small stock dividend: debits retained earnings at the par value of the stock debits retained earnings at the market value of stock debits retained earnings at the premium of the stock debits retained earnings at the stated value of the stock 4 1 point JohnCo issues 10,000 shares of $1 par common stock in exchange for land valued at $35,000. The journal entry includes: a debit to land for 10,000 a credit to common stock for 10,000 a debit to cash for 35,000 a credit to land for 35,000 5 1 point common stock dividend distributable is a (n): contra equity asset liability stock equity 6 1 point a large stock dividend is greater than 25% of the issued and outstanding shares of common stock O True O False 7 1 point the following elements affect the retained earnings account (3): Net income Dividends declared Dividends paid during the period Net losses 8 1 point A cash dividend is declared on 1/1 to shareholders of record on 1/15 and is paid on 1/27. Which of the following is true? The journal entry is entered in the system on 1/15 for the declaration and legal liability. The dividend is paid out and entered into the system 1/27. A legal liability is created on 1/1 and the journal entry made in the system. The dividend is paid out and entered into the system 1/27. Alegal liability is created on 1/1. The dividend is paid out and the entire transaction entered into the system 1/27. o A legal liability is created on 1/1. The journal entry is entered in the system on 1/15 for the declaration. The dividend is paid out and entered into the system 1/27. 9 1 point The following balances exist in a company's stock equity accounts: Common Stock: 100,000. APIC-C/S: 50,000. Retained Earnings: 50,000. Treasury Stock: 50,000. What is Total equity? 50,000 150.000 OOooo 200,000 100.000 250,000 10 1 point a company buys treasury stock during this year for 10.000. It had a beginning balance in the treasury of 5.000. The company reissues all of the shares it purchased during this year at what it bought the shares for. What is the balance of Treasury stock? 5,000 10,000 OOOOO 20,000 25.000 15,000