87-92

87. The major parts of the Stockholders' Equity section of the balance sheet are: a. Paid-in Capital and Retained Earnings b. Stock and Retained Earnings c. Stock, Paid-in Capital, and Retained Earnings d. Authorized Stock and Preferred Stock 88. Stockholders" investment appears in: a. Paid-in Capital b. Owner's Equity c. Retained Earnings d. Cash 89. Authorized capital stock is shares: a. listed in the charter b. issued to the corporation's officers c. sold and in stockholder possession d. that pay dividends 90. One type of preferred stck that provides for the payment of preferred dividends that are in arrears is called: a. non-participating b. cumulative c. non-cumulative d. participating 91. Five hundred shares of $25 par common stock was exchanged for a piece of equipment with a fair market value of $13,500. The journai entry to record the transaction would include a credit to: a. Equipment for $12,500 b. Debit to Common Stock for $12,500 c. Credit to Paid-In Capital in Excess of Par-Common for $1,000 d. Credit to Common Stock for $13,500 92. When stock is exchanged for non-cash assets: a. debit the asset for prior book value: credit Common Stock for cash received b. debit assets for market value: credit Common Stock for par value and, if needed, Paid-in Capital in Excess of Par c. debit assets for market value; credit Common Stock for market value d. debit assets for par value; credit Common Stock for par value