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1. From the balances shown on the End-of-Period Trial Balance, what is the value of total Stockholders Equity? $______________

2. When common stock is sold for cash, Stockholder Equity A. increases B. decreases C. does not change ______________

3. When treasury stock is sold for more than its cost (Transaction 6), identify by number which account will be credited for the difference between selling price and cost credited? A. 301 B. 303 C. 305 D. 310 E. 315 ______________

4. What was the purchase price of the land acquired on Transaction 8? $______________

5. When treasury stock is sold at a price less than its cost basis, and Account Number 305, Additional Paid-In Capital: Treasury Stock has a $0.00 balance, what account will be debited? A. Cash B. Treasury Stock C. Interest Expense D. Retained Earnings E. None of the above ______________

6. When treasury stock is sold at a price that is $1,000 less than the cost basis of the stock, and the Additional Paid-In Capital, Treasury Stock account credit balance is only $200, the Retained Earnings account will be: A. debited for $200 B. debited for $800 C. debited for $1,000 D. credited for the total value of the Treasury Stock. E. credited for $200 ______________

7. When treasury stock is reissued, the total value of Stockholders Equity will A. increase B. decrease C. remained unchanged ______________

8. When Treasury Stock is purchased: A. cash is debited. B. total equity increases. C. the Treasury Stock account is credited. D. revenues almost always increase. E. None of the above ______________

9. What type of account is Additional Paid-In Capital, Treasury Stock? A. Asset B. Liability C. Stockholders Equity D. Revenue E. Expense ______________

10. When a cash dividend is declared and paid, Stockholders Equity A. increases B. decreases C. does not change

Accounting Entries Shares Debit $ 60,000 Credit 1 Cash 10,000 COMST Reserves & Surplus $ 50,000 $ 10,000 2Cash $ 36,000 8,000 NPRCS $ 36,000 3 Cash $ 40,000 400 PREST $ 40,000 4 MNOTE Interest $10,000 $ 800 Cash $10,800 5 TRSTK $ 2,000 500 Cash $ 2,000 6 Cash $ 700 100 TRSTK Profit $ 400 $ 300 $ 300 $ 100 100 7 Cash Loss TRSTK $ 400 8 Land $ 1,10,000 12,000 COMST MNOTE $ 60,000 $ 50,000 9 Cash $5,000 1,000 NPRCS $ 5,000 $ 600 $ 600 300 10 Cash Loss TRSTK $ 1,200 11 Cash $ 21,000 3,000 COMST Reserves & Surplus $15,000 $ 6,000 12 Reserves & Surplus $ 6,000 CASHD $ 6,000