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K. 11.35 (53' 9%! 4 ' 121. Treasury shares should be reported in the equity section immediately after a. share capitalordinary. b. share capitalpreference. c. share premiumordinary. d. retained earnings. Ppt no 49 123. Treasury shares are generally accounted for by the a. cost method. b. market value method. c. par value method. d. stated value method. Ppt no 47 125. Four thousand treasury shares of Meyer, lnc., previously acquired at $12 per share, are sold at $18 per share. The entry to record this transaction will include a a. credit to Treasury Shares for $72,000. b. debit to Share PremiumTreasury for $24,000. c. debit to Treasury Shares for $48,000. cl. credit to Share PremiumTreasury for $24,000. Ppt no 50 127. King George Company was authorized to issue 100,000 ordinary shares. The company issued 54,000 shares and later purchased 10,000 treasury shares. The number of outstanding ordinary shares is: a. 90,000. b. 46,000. C. 54,000. d 44,000. P'pt no 49 A 108. Dawson Company Issued 500 no-par ordinary shares for $7, 500. Which of the followin journal entries would be made if the shares have a stated value of $2 per share? a. Cash 7, 500 Share CapitalOrdinary 7,500 b.Cash 7,500 Share CapitalOrdinary 6,500 Share PremiumOrdinary 1,000 c.Cash 7,500 Share CapitalOrdinary 1,000 Share PremiumOrdinary 6,500 d.Share CapitalOrdinary 7,500 Cash 7,500 Ppt no 36 117. Rancho Corporation sold 500 treasury shares for $40 per share. The cost for the shares was $30. The entry to record the sale will include a credit to Gain on Sale of Treasury Shares for $15, 000. b. credit to Share PremiumTreasury for $5,000. 0. debit to Share PremiumOrdinary for $5,000. d. credit to Treasury Shares for $20,000. Ppt no 50 119. Treasury shares are a. shares issued by the U. 8. Treasury Department. b. shares purchased by a corporation and held as an investment in its treasury. 0. corporate shares issued by the treasurer of a company. d. a corporation' s own shares which have been reaoquired but not retired. Ppt no 46 11.36 @ 9%93' 206. On December 1, 2019, the Board of directors of Dew Laurintis Company declared an 80 per share dividend payable on January 3, 2020 to shareholders of record on December 16. The company had 500,000 shares authorized and 225,000 shares issued and outstanding. The journal entry made on the declaration date will include a. a debit to Cash Dividends of 180,000. b. a credit to Cash of 180, 000. a credit to Ordinary Share Dividends Distributable by 400, 000. d. No entry is made on the declaration date Ppt no 58 207. On December 1, 2019, the Board of directors of Dew Laurintis Company declared an 80 per share dividend payable on January 3, 2020 to shareholders of record on December 16. The company had 500,000 shares authorized and 225,000 shares issued and outstanding. The journal entry made on January 3, 2020 will a. decrease assets and liabilities by 400, 000. b. increase assets and decrease equity by 180,000. decrease assets and liabilities by 180,000. d. decrease assets and' Increase equity by 180,000. Ppt no 58 247. Dillon Corporation splits its ordinary shares 2 for 1, when the market value is $30 per share. Prior to the split, Dillon had 50, 000 ordinary shares with a $10 par value issued and outstanding. After the split, the par value of the shares a. remains the same. b. is reduced to $2 per share. 0. is reduced to $5 per share. d. is reduced to $15 per share. Ppt no 75 179. A small share dividend is defined as a. less than 30% but greater than 25% of the corporation' 3 issued shares. b. between 50% and 100% of the corporation's issued shares. c. more than 30% of the corporation's issued shares. d. less than 2025% of the corporation' s issued shares. Ppt no 69 185. A share split a. may occur in the absence of retained earnings. b. will increase total equity. c. will increase the total par value of the shares. d. will have no effect on the par value per share of shares. 205. On December 1, 2019, the Board of directors of Dew Laurintis Company declared an 80 per share dividend payable on January 3, 2020 to shareholders of record on December 18. The company had 500,000 shares authorized and 225,000 shares issued and outstanding. The journal entry made on December 1, 2019 will a reduce assets by 180,000. b. reduce equity by 180,000. 1.. c. increase expenses by 400,000. 1- d. increase liabilities by 400,000. Ppt no 58 1.. 11.35 9% I i 165. On the dividend record date, a. a dividend becomes a current obligation. b. no entry is required. 0. an entry may be required if it is a share dividend. d. Dividends Payable is debited. Ppt no 58 171. Agler Company has 10,000 shares of 5%, $100 par value, cumulative preference shares and 100,000 ordinary shares with a $1 par value outstanding at December 31 , 2020. If the board of directors declares a $40,000 dividend, the a. preference shareholders will receive 1/10th of what the ordinary shareholders will receive. b. preference shareholders will receive the entire $40, 000. 0. $50, 000 will be held as restricted trzletained earnings and paid out at some future ate d. preference shareholders will receive $20, 000 and the ordinary shareholders will receive $20,000. Ppt no 62 177. A shareholder who receives a A share dividend would 7 a. expect the market price per share \\ to increase. b. own more shares. c. expect retained earnings to increase. d. expect the par value of the shares to change. Ppt no 72 178. When share dividends are distributed, a. Ordinary Share Dividends Distributable Is decreased b. Retained Earnings' Is decreased. 0. Share Premium- Ordinary Is debited if it is a small share dividend. d. no entry is necessary if it is a large sha re dividend \\. 11.35 Gr} 9% I i - 138. Which of the following is not a right or preference associated with preference stock? a. The right to vote b. First claim to dividends 0. Preference to corporate assets in case of liquidation d. To receive dividends' In arrears before ordinary shareholders receive dividends Ppt no 41 139. Cole Corporation issues 15 000 preference shares with a $50 par value for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $900,000 and a credit or credits to a. Share CapitalPreference for $900 000. b. Share CapitalPreference for $750 000 and Share Premium Preference for. $150 000. Share CapitalPreference for $750 000 and Retained Earnings for $150, 000. '7 d. Share Premium for $900 000. Ppt no 42 151. The date on which a cash dividend becomes a binding legal obligation is on the a. declaration date. b. date of record. 0. payment date. d. last day of the fiscal year-end. Ppt no 58 153. The cumulative effect of the declaration and payment of a cash dividend on a company's financial statements is to a. decrease total liabilities and equity. b. increase total expenses and total liabilities. 0. increase total assets and equity. d. decrease total assets and equity. Ppt no 56