MULTIPLE CHOICE QUESTIONS--INSERT ANSWER IN THE BOX TO THE LEFT-EITHER UPPER OR LOWERCA in answer bank and we dropdown to select your answers Choose: Claremont Corporation issued 100.000 shares of $1.00 par common stock at a price of $5.00. How would this transaction affect the net income of Claremont Corporation? A. Increases set income B. Decreases set income C. Increases revenue but not net income D. Has no effect on net income Choose 1 Carmen Corporation made a net income this year of 580,000. At closing the net income will be closed to which account? A. Carmen Capital B. Retained Earnings Dividends Payable D. Paid in Capital in Exodus of Par Choose: At what yovernmental level is a corporativa organized? A. Federal level in Washington DC. B. State level, such as Washington State C. At the city level, such as Scattle D. All the county level, such as King County Choose When a stock dividend is declared, which value is used to debit Retained Famings? A use the par value B. use the camnings per share use the market value of the shares to be distributed D. None of these Choose Which of the following business entitites must pay income taxes? A. Proprietorship B, partnership .corporation D, all of these entities pay income taxes 6 Choose: Kandahar Corporation issued $1,000,000 of 4% preferred stock and roceived $1,200,000 cash. What is the dividend requirement for the dividend on this stock? A. S40,000 B. 548,000 C.$1,000,000 D. $36,100 Choose Which of the following is true of preferred stock? A. Preferred stockholders must receive a dividend B. Preferred stockholders receive a dividend after the common sharcholders have received a dividend C. Preferred stockholders get a dividend only if the board of directors declares the dividend D all of these are true Choose What is the formula to calculate the Earnings Per Share (EPS) assuming there are no preferred shares outstanding A. EPS Revenue Number of Common Shares B.EPS - Net Income Number of Common Shares C.EPS - Net Income Number of Preferred Shares D. None of these Choose: Morgan Corporation issued 100.000 shares of S1:00 par common stock and 4.900 shares of $100-par 4% preferred stock The board of directors declared a cash dividend of $24,000. How would the dividend be divided between preferred and common stock? A.516,000 to preferred and $8,000 to common B. All $24,000 to preferred and note to common C.516,000 to common and $8,000 10 preferred D. A1524,000 to common 10 Choose Which class of stock usually gets a Veting right? A. Common B. Preferred C. Both Common and Preferred D. Neither Common nor Preferred 11 Choose Treasury Stock can be defined as A. Special shares of stock owned by executives B. Shares that were issued but then later re-acquired by the company that issued them C. Another name for Preferred Stock D. None of these 12 Choose: Which type of stock has a fixed dividend? A Common Stock B Treasury Stock C. All stacks have a fixed dividend D. Preferred Stock 13 Choose: There are three dividend dates. Which dividend date has no journal entry? A. Record dute B. Declaration date C. Payment date D. All dividend dates have journal entries 14 Choose On which corporation statement would you find Income Tax Expense! A. Balance Sheet B. Retained Earnings Statement C. Inconte Statement D. Both the Balance Sheet and Retained Eamings Statement 1 Choose: Fun Question: so to Yahoo Finance. Using the ticket symbols given in parentheses, look at the current stock price. Here's your question Which one of the following stocks is trading at over $350,000 per share? Choose one only A. Alphabet (GOOG) B Tesla (TSLA) C. Apple (AAPL) D. Berkshire Hathaway (BRK-A) ASSETS INCREASE: DEBIT DECREASE: CREDIT LIABILITIES INCREASE: CREDIT DECREASE: DEBIT OWNER'S EQUITY INCREASE: CREDIT DECREASE: DEBIT 101 CASH 101 ACCTS PAYABLE 301 COMMON STOCK TRANSACTIONS--ANALYZE EACH ONE AND INSERT THE ENTRIES IN 1 A TRIAL BALANCE WILL BE GENERATED AUTOMATICALLY. Marlow Corporation issued 100.000 shares of S1,00 par common stock at par,reeriving cash (See footnote below) 2 The company purchased equipment costing $15.000, paying cash. 302 HET. EARNINGS 4 ACCTS RECEIVABLE 3 Operating Expenses were incurred in the amount of $74,000. A total of 22.000 of the expenses were paid in cash; the rest. 552.000 were on account OPERATIONS 51 OPER. EXPENSES 401 SERVICE REVENUE 110 EQUIPMENT 4 The company earned service revenue in the amount of $112.000, a total of 542,000 was receive in cash; the rest. 570,000, was on account 5 Depreciation was recorded on the equipment, $1.500. DEPR. EXPENSE 6 Marlow calculates its income taxes at the rate of 25%. The income taxes are paid in cash This would be a good moment to prepare the Income statement ACC. DEPR. EQUIP STO INCOME TAX EXPENSE 7 Use the following closing process Service Renee MAX Operating kapene Depreciation Expense Income Tax Expense Retained Earnings X Marlow Corporation Income Statement For Year Ended 12/31/2021 DR CH Check mo malesure we are are you or memedor and narrow rol Mulance in infalme the collay your EPS on the income Marlow declared and polits. 10 dndend. Debit Retained Earnings and credit rah, Total Revner Operating Expenses Depreciation Represe Total Expenses Net Income Before Income Tax Income Tax Expense Net Income Create a balance sheet using the format shown below. 101 CANLI 104 ACCT 106 SUPPI 110 EQUII 112 ACC. 201 ACCT 301 COMN 302 RET. 401 SERVI 501 OPER 503 ADVE 504 SALAI SOS DEPR 510 INC. 1 TOTALS In Balance Karnings Per Share Marlow Corporation Balance Sheet 12/31/21 YEN Cash Accts Receivable Equipment Accum. Depr. Total Assets Acets Payable Total Liab. Common Mock Retained Earnings Total Stockholders' quity Total Liab & Stockholders' Equity