6-Oceanview Wholesale Merchandise had 20,000 shares of 6%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2014. Assuming that total dividends declared in 2014 were $60,000 and that the cumulative preferred stock dividends have not been paid after 2012, the common stockholders should receive total 2014 dividends of (do not show your work; just enter your answer):

7-Oceanview Wholesale Merchandise had 20,000 shares of 6%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2014. Assuming that the total dividends declared in 2014 were $190,000 and that the cumulative preferred stock received dividends in the following manner: In full up to 2010, $18,000 in 2011, $4,000 in 2012, and $15,000 in 2013; common stockholders should receive total 2014 dividends of (do not show your work; just enter your answer)

8-

Restrictions of retained earnings may result from each of the following except:

Question 8 options:

prior period adjustment restrictions.

legal restrictions.

voluntary restrictions.

contractual restrictions.

12-

Question 12 (1 point)

The officer who is responsible for maintaining the company's cash position is the:

Question 12 options:

vice-president of finance.

president.

controller.

treasure

16-

Question 16 (1 point)

Each of the following decreases retained earnings except:

Question 16 options:

cash dividends.

large stock dividends.

stock splits.

small stock dividends

Question 19 (1 point)

Restrictions of retained earnings:

Question 19 options:

do not change total stockholders' equity.

are reported as expenses on the income statement.

provide insurance coverage for contingencies.

are reported on the balance sheet as liabilities.

Question 20 (1 point)

Ownership of common stock ordinarily carries the right to:

Question 20 options:

establish a drawing account.

enter into contracts for the corporation.

declare dividends.

vote on corporate actions that require stockholder approval.

question 21 (1 point)

A corporation is formed when:

Question 21 options:

None of the other choices are correct.

it borrows money.

it receives a charter from its president.

it is granted by-laws by the federal government.

Question 22 (1 point)

Which of the following may either increase or decrease retained earnings?

Question 22 options:

Net income.

Stock dividends.

Disposals of treasury stock.

Prior period adjustments.

Question 23 (1 point)

Common Stock Dividends Distributable is reported in the balance sheet:

Question 23 options:

in paid-in capital as an addition to common stock issued.

as an addition to retained earnings.

as an asset.

as a liability.

Question 27 (1 point)

The cost method of accounting for long-term investments in common stock is typically used when the investor:

Question 27 options:

owns between 20% and 50% of the investee's outstanding common stock.

owns less than 20% of the investee's common stock.

recognizes any goodwill when preparing consolidated financial statements.

has a controlling interest.