The board of directors of a corporation: Are elected by the state's corporate registrar. Are responsible for day-to-day operation of the business. Are responsible for hiring all employees Are responsible for and have final authority for manage corporate activities. When all of the authorized shares have the same rights and characteristics, the stock is called Preferred stock. Common stock. Par value stock. Stated value stock. Amortizing a bond discount: Allocates a part of the total discount to each interest period. Increases the market value of the Bonds Payable. Decreases interest expense each period. Increases cash flows from the bond. Retained earnings: Generally consists of a company's cumulative net income less any net losses and dividends declared Represent an amount of cash available to pay shareholders. Are never adjusted for anything other than net income or dividends. All of these. A company had a beginning balance in retained earnings of $43,000. It had net Income of $6,000 and paid out cash dividends of $5, 625 in the current period. The ending balance in retained earnings equals: $108, 625. $(12, 625). $11, 375. $43, 375. A corporation sold 14,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction would include: A credit to Paid-in Capital in Excess of Par Value for $182,000. A debit to Cash for $140,000. A credit to Common Stock for $182,000. A credit to Common Stock for $140,000. Treasury stock is: company stock purchased off the open market a credit account found on every corporation's balance sheet Both A & B Which of the following statements is true? Interest on bonds is tax deductible. Interest on bonds is not tax deductible. Dividends to stockholders are tax deductible. Bonds always decrease return on equity