Hello,

I really need help with these accounting questions. I need detailed answers, please.

Thank you so much

Accounting 2 1 1. Indicate the effect of liquidating dividends on net income. Select one: a. Increase b. Decrease c. No effect 2. Indicate the effect of liquidating dividends on stockholders' equity. Select one: a. Increase b. Decrease c. No effect 1 3. The two methods of allocating cash received in lump-sum sales are the proportional method and the ___________method. Select one: a. Weighted Average b. Straight-line c. Effective d. Incremental 4. What equity account, if any, is increased when Treasury Stock is sold below cost? Select one: a. Paid-in Capital Accounting 2 b. Retained Earnings c. Treasury Stock d. No equity account is increased in such a transaction. 1 5. All of the following normally are found in a corporation's stockholders' equity section except Select one: a. Dividends in Arrears b. Common Stock c. Paid-in Capital in Excess of Par Value d. Retained Earnings 6. All of the following normally are found in a corporation's stockholders' equity section except Select one: a. Treasury Stock b. Common Stock c. Paid-in Capital in Excess of Par Value d. Convertible Bonds 7. Authorized shares minus Issued shares equals Select one: a. Unissued Shares b. Treasury Shares c. Outstanding Shares d. Subscribed Shares Accounting 2 8. Issued shares minus outstanding shares equals Select one: a. Authorized Shares b. Unissued Shares c. Treasury Shares d. Subscribed Shares 1 9. What effect does the issuance of a 40% stock dividend have on Par Value per Share and Additional Paid-in-capital, respectively? Select one: a. No effect, No effect b. Increase, No effect c. Decrease, No effect d. Decrease, Decrease e. No effect, Decrease ' 10. What effect does the issuance of a 2-for-1 stock split have on Par Value Per Share and Retained Earnings, respectively? Select one: a. No effect, No effect b. Increase, No effect c. Decrease, No effect d. Decrease, Decrease e. No effect, Decrease 1 11. When a corporation purchases its own stock and uses the cost method, a debit entry is made to which account(s)? Select one: a. Both Common Stock and Paid-in Capital from Treasury Stock Accounting 2 b. Common Stock, but not Paid-in Capital from Treasury Stock c. Paid-in Capital from Treasury Stock, but not Common Stock d. Neither Paid-in Capital from Treasury Stock nor Common Stock 1 12. Farrah Inc. presented the following data: Preferred dividends paid in 2014 totaled $200. The denominator to be used in Basic EPS is: Select one: a. 1,280 b. 1,095 Accounting 2 c. 1,820 d. 1,220 e. 1,140 1 13. Warrants exercisable at $25 each to obtain 30,000 shares of common stock were outstanding during a period when the average market price of the common stock was $20. Application of the treasury stock method for the assumed exercise of these warrants in computing diluted earnings per share will increase the weighted average number of outstanding shares by: Select one: a. 30,000 b. 24,000 c. 6,000 d. 7,500 e. 0 14. Warrants exercisable at $20 each to obtain 30,000 shares of common stock were outstanding during a period when the average market price of the common stock was $25. Application of the treasury stock method for the assumed exercise of these warrants in computing diluted earnings per share will increase the weighted average number of outstanding shares by: Select one: a. 30,000 b. 24,000 c. 6,000 d. 7,500 e. 0 1 15. Jostens Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,000,000 of 10% bonds outstanding during 2017. The preferred stock is convertible into 20,000 shares of common stock. During 2017, Jostens paid dividends of $1.20 per share on its common stock and $4.00 per share on its preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for the year ended December 31, 2017 was $800,000. Assume the income tax rate was 30%. Diluted earnings per share for 2017 (rounded to the nearest penny) are: Select one: Accounting 2 a. $3.60 b. $3.35 c. $2.94 d. $3.28 e. $3.22