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Maltiple Choice: Encircle the letter of jour final answer. 1. Which of the following will not affect retained earnings? b. Net income of the corporation c. Net loss of the corporation d. Dividend declaration 2. When will the retained earnings be reduced in the case of a cash dividend? a. Date of incorporation b. Date of declaration c. Date of record d. Date of distribution 3. Which type of preferred share will receive the dividends in arrears? a. Non-cumulative and non-participating b. Cumulative and non-participating c. Non-cumulative and participating d. All of the above 4. Which of the following comprises of the equity identified with preferred shares? a. Liquidating value of common shares b. Dividends in arrears of non-cumulative preferred shares c. Share premium - preferred shares d. Liquidating value of preferred shares 5. Which of the following dividends will accrue interest expense? a. Cash dividends b. Property dividends c. Stock dividends d. Scrip dividends 6. If ABC Corporation will distribute JKL Corporation shares as dividends to its shareholders, this is an example of: a. Cash dividends b. Property dividends c. Stock dividends d. Scrip dividends 7. If ABC Corporation will issue ABC Corporation shares as dividends to its shareholders, this is an example of: a. Cash dividends b. Property dividends c. Stock dividends. d. Scrip dividends 8. A small bonus issue a. Will reduce the retained earnings by the fair value of new shares b. Is when shares declared as dividends is less than 20% of outstanding shares prior to declaration c. Will not affect total shareholders' equity d. All of the above 9. On December 31, 2019, the shareholders' equity of DVD Corporation totaled P1,000,000. During 2020, an additional 3,000 of its P100 par value shares were issued for P120 per share. Also during that year, 1,000 shares were purchased and put on treasury for P110 per share. The net income of the company in 2020 was P500,000. The total shareholders' equity at the end of the year 2020 amounted to P1,100,000. How much dividends were declared during the year? a. 90,000 b. 100,000 c. 110,000 d. 200,000 10. CSH Corporation has authorized shares of 100,000 shares of common stock. Assume that 60,000 shares were issued and 10,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? a. 20,000 b. 100,000 c. 120,000 d. 200,000 11. PFS Corporation has 10,000 shares of 5% P100 par value cumulative preferred shares outstanding. How much is the annual dividend on the preferred stock? a. P50 per share b. P10,000 in total c. P0.50 per share d. P50,000 in total 12. PRP Corporation declared some of its inventories as dividends. On the date of declaration, the inventories are carried at the books of PRP at P340,000. The net realizable value of these inventories are P430,000. By how much should the retained earnings be decreased on the date of declaration? a. 0 b. 90,000 c. 340,000 d. 430,000 13. FVP Corporation declared some of its equity investments as dividends. On the date of declaration, the fair value of these investments were P500,000. On the date of payment, the fair value of these equity investments was P460,000. By how much will the total shareholders' equity change because of the property dividend from prior to declaration to after its distribution? a. 40,000 decrease c. 40,000 increase b. 460,000 decrease d. 500,000 decrease 14. IPM Corporation declared its machinery as dividends. On the date of declaration, the carrying value of the machinery was P1,000,000 but its fair value is P900,000. How much impairment loss should be recognized on the date of declaration? a. 0 c. 900,000 b. 100,000 d. 1,000,000 15. SBI Corporation has 100,000 of its P50 par value common shares outstanding. It declared a 5% bonus issue. On the date of declaration, the common shares have a fair value of P52. On the date of record, it has a fair value of P51. On the date of payment, it has a fair value of P53. By how much will share premium increase because of the stock dividends? a. 0 c. 10,000 b. 5,000 d. 15,000 16. LBI Corporation has 100,000 of its P50 par value common shares outstanding. It declared a 50% bonus issue. On the date of declaration, the common shares have a fair value of P52. On the date of record, it has a fair value of P51. On the date of payment, it has a fair value of P53, By how much will the retained earnings decrease because of the stock dividends? a. 2,500,000 c. 2,600,000 b. 2,550,000 d. 2,650,000 Use the following information for the next 3 items: On June 1, 2020, SCP Corporation declared P100,000 scrip dividends payable after 1 year, with interest amounting to 4%. 17. How much is the interest expense of the Corporation for the year 2020 ? a. 4,000 c. 2,000 b. 2,333 d. 0 18. By how much will the retained earnings be decreased on the date of declaration? a. 100,000 c. 102,333 b. 102,000 d. 104,000 19. How much cash will be paid on June 1,2021 ? a. 0 c. 102,333 b. 100,000 d. 104,000 Use the following information for the next 4 items: PVC Corporation has the following capital stocks for the years 2020 and 2021: CS Common shares, P10 par P3,000,000 12%leferredshares,P100parP2,000,000