Please make a way to answer all the questions.

17. On January 1, 2018, Georgi Company was authorized to issue 10,000 shares of $2 par common stock and 5,000 shares of $5 par preferred stock. Given this information, if Georgi Company issued 3,000 shares of common stock for $7 per share on January 10, 2018, the entry to record the issuance of the stock would include a

a.debit to cash of $15,000.

b.credit to paid-in capital in excess of par, common stock of $6,000.

c.debit to cash of $6,000.

d.credit to common stock of $6,000.

18. On January 1, 2018, Georgi Company was authorized to issue 10,000 shares of $2 par common stock and 5,000 shares of $5 par preferred stock. Given this information, if Georgi Company issued 2,000 shares of common stock (with no known market value) for land with a book value of $15,000 (fair value $10,000), the entry to record the transaction would include a

a.credit to paid-in capital in excess of par, common stock of $11,000.

b.debit to land of $15,000.

c.credit to common stock of $15,000.

d.debit to land of $10,000.

19. When 30,000 shares of $10 par-value common stock are issued at $30 per share, Paid-In Capital in Excess of Par, Common Stock is credited for

a.$300,000.

b.$30,000.

c.$600,000.

d.$900,000.

20. A corporation's contributed capital is

a.the total par value of the preferred stock and the associated amounts of paid-in capital in excess of par.

b.the total par value of the common and preferred stock.

c.the total par value of the common stock and the associated amounts of paid-in capital in excess of par.

d.the total par value of the common and preferred stock, along with the associated amounts of paid-in capital in excess of par.

21. Which of the following statements is true of treasury stock?

a.It usually has a debit balance.

b.It is classified as an asset on the balance sheet.

c.It is considered outstanding stock.

d.It allows management to vote for members of the board of directors.

22. When common stock is issued in exchange for a noncash asset and the market value of the stock cannot be determined, the acquired asset should usually be recorded at an amount equal to the

a.book value of the noncash asset.

b.fair value of the noncash asset.

c.undepreciated cost of the noncash asset.

d.book value of the stock.

23. If treasury stock is sold for less than its cost, and there were no previous treasury stock sales, the difference between the sales price and cost is debited to

a.paid-In capital, treasury stock.

b.paid-in capital in excess of par.

c.retained earnings.

d.common stock.

24. Treasury stock is classified on the balance sheet as what type of account?

a.Current asset

b.Contributed capital

c.Long-term investment

d.Contra-equity

25. A loss on the sale of treasury stock is recognized when treasury stock is sold at

a.a higher price than the stock's market value.

b.a higher price than the stock's cost.

c.a higher price than the stock's par or stated value.

d.None of these are correct.

26. Treasury stock is stock that is

a.issued and outstanding.

b.authorized and outstanding.

c.issued but not outstanding.

d.authorized but not issued.

27. A Paid-In Capital account can be credited with all of the following transactions EXCEPT

a.the issuance of no-par stock with a stated value.

b.the purchase of treasury stock.

c.the issuance of par stock issued at a price greater than par value.

d.the reissuance of treasury stock.

28. When common stock is issued in exchange for a noncash asset and the market value of the stock is determinable, the acquired asset should usually be recorded at an amount equal to

a.the market value of the stock.

b.the par value of the stock.

c.the book value of the noncash asset.

d.the fair value of the noncash asset.

29. Which of the following is NOT true regarding "legal capital"?

a.The dollar amount of legal capital is established by federal statutes.

b.It is intended as a means to protect a company's creditors.

c.It is intended to prevent corporations from paying excessive dividends.

d.It represents an amount that cannot be returned to the owners so long as the corporation exists.

30. Compared with preferred stock, common stock usually has a favorable preference in terms of

a.dividends.

b.resale value.

c.voting rights.

d.liquidated assets.

31. Which of the basic stockholder rights do preferred stockholders normally give up?

a.The right to vote.

b.The right to receive dividends when they are declared.

c.The right to excess assets after creditor claims are satisfied.

d.All of the above.

32. Which of the following is a basic right of a preferred stockholder?

a.The preemptive right.

b.The right to receive a dividend.

c.The right to vote for the board of directors.

d.All of these.

33. The investors in a corporation are called

a.board of directors.

b.corporate owners.

c.stockholders.

d.management.

34. Which of the following is NOT a basic right of a common stockholder?

a.The right to receive a dividend.

b.The preemptive right.

c.The right to vote for the board of directors.

d.All of these are basic rights of a common stockholder.

35. Which type of business organization is characterized by limited liability?

a.Proprietorship

b.Partnership

c.Corporation

d.Corporation, proprietorship, and partnership

36. Which of the following is NOT true of a corporation?

a.A corporation has the ability to raise large amounts of capital.

b.The owners of a corporation have unlimited liability.

c.A corporation has easy transferability of ownership.

d.A corporation is taxed separately from its owners.

37. The right of current stockholders to purchase additional shares in order to maintain the same percentage ownership of new shares is called

a.the voting rights privilege.

b.preemptive right.

c.liquidation.

d.the cumulative preference.