The state charter allows a corporation to issue only a certain number of shares of each class of stock. This amount of stock is called a. treasury stock b. issued stock c. outstanding stock d. authorized stock The Sneed Corporation issues 10,000 shares of $50 per value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to a. Preferred Stock for $700,000. b. Preferred stock for $500,000 and paid-in Capital in Excess of Par Value-Preferred Stock for $200,000. c. Preferred Stock for $500,000 and Retained Earnings for $200,000. d. Paid-in Capital from Preferred Stock for $700,000. Samuels, Inc. reported net income for 2011 is $105,000. During 2011 the company had 5.000 shares of $100 par, 5% preferred stock and 20,000 of $5 per common stock outstanding. Samuels' earnings per share for 2011 is a. $4.00 b. $5.25 c. $6.50 d. $5.00 The journal entry a company records for the issuance of bonds when the contract rate and the market rate are the same is a. debit Bonds Payable, credit Cash b. debit Cash and Discount on Bonds Payable, credit Bonds Payable c. debit Cash, credit Premium on Bonds Payable and Bonds Payable d. debit Cash, credit Bonds Payable If $1,000,000 of 8% bonds are issued at 105, the amount of cash received from the sale is a. $1, 080,000 b. $950,000 c. $1,000,000 d. $1, 050,000 Temporary investments a. are reported as current assets b. include cash equivalents c. do not include equity securities d. all of the above