this is my exam 3 and its needed to be done asap...............................

1.The number of shares of stock that a corporation is given the right to sell is called: A. outstanding stock. B. issued stock. C. capital stock. D. authorized stock. 2.The basic unit of stock is called a(n): A. ownership record. B. certificate. C. authorization. D. share. 3.Stock that is held by stockholders is called: A. issued stock. B. authorized stock. C. open stock. D. outstanding stock. 4.Authorized capital stock are those shares: A. issued to the corporation's officers. B. that pay dividends. C. listed in the charter. D. sold and in stockholder possession. 5.which of the following is an advantage of a corporation? A. Tax regulations B. Continuous life C. Unlimited liability D. All of the above are advantages 6.Preferred stockholders generally have the same basic rights as common stockholders EXCEPT for: A. liquidation. B. preemption. C. dividends. D. voting. 7.Maintaining their proportionate share in the ownership of a corporation when new stock is available to be purchased is an example of which stockholder right? A. Vote B. Dividends C. Preemption D. Liquidation 8.Earnings that a stockholder receives from a corporation is an example of which stockholder right? A. Vote B. Liquidation C. Preemption D. Dividends 9.Which right do preferred stockholders receive before common stockholders? A. Voting rights B. Dividend rights C. Selling rights D. Preemptive rights 10.If there is only one class of stock outstanding, such stock would be classified as: A. preferred stock. B. authorized stock. C. issued stock. D. common stock. 11.Stockholders' Equity consists of: A. paidin capital and Retained Earnings. B. contributed capital and paidin capital. C. legal capital and paid in capital. D. common stock and preferred stock. 12.A company issues 55,000 shares of its $5 par common stock for $20 per share. The amount to be debited to Cash is: A. $825,000. B. $1,100,000. C. $1,375,000. D. $275,000. 13.Lionworks, Inc. issues 5,000 shares of $40 par common stock for $43 per share. The amount credited to paidin capital in excess of par is: A. $215,000. B. $200,000. C. $15,000. D. $0. 14.The entry to record S&C, Inc. selling 1,500 shares of $9 par common stock for $22 per share would be to: A. debit Cash $33,000; credit Common Stock $33,000. B. debit Cash $13,500; debit PaidIn Capital in Excess of ParmCommon $19,500; credit Common Stock $33,000. C. debit Cash $33,000; credit Common Stock $13,500; credit PaidIn Capital in Excess of ParCommon Stock $19,500. D. debit Cash $13,500; credit Common Stock $13,500. 15.A company issued 700 shares of $2 par common stock in exchange for a piece of equipment with a current market value of $24,000. Which of the following is the correct journal entry for this transaction? A. Equipment 24,000 Common Stock 24,000 B. Equipment 24,000 Common Stock 700 Paidminusin Capital in Excess of Par Common 23,300 C. Paidminusin Capital in Excess of Par Common 22,600 Common Stock 1,400 Equipment 24,000 D. Equipment 24,000 Common Stock 1,400 Paidminusin Capital in Excess of Par Common 22,600 16.A company has 50,000 shares of $1 par, 10% preferred stock. The 10% refers to the stock's: A. interest rate. B. paidin capital rate. C. market rate. D. dividend rate. 17.The date of declaration creates a(n) ________ for the corporation. A. liability B. asset C. revenue D. expense 18.On the date of declaration: A. debit Retained Earnings and credit Cash. B. debit Dividends Payable and credit Cash. C. debit Dividends and credit Retained Earnings. D. debit Retained Earnings and credit Dividends Payable. 19.On the date of payment: A. debit Dividends Payable and credit Cash. B. debit Cash and credit Dividends Payable. C. debit Dividends and credit Retained Earnings. D. debit Retained Earnings and credit Dividends Payable. 20.A type of stock that pays dividends in arrears is: A. nocumulative common stock. B. cumulative common stock. C. noncumulative preferred stock. D. cumulative preferred stock. 21.What are dividends in arrears? A. An increase in the number of outstanding shares of stock B. A distribution of a corporation's own stock to its shareholders C. The portion of an annual dividend on cumulative preferred stock which has not been paid D. The portion of Stockholders' Equity that cannot be used to pay dividends 22.Stonework Company's outstanding stock is 80 shares of $80, 4% cumulative preferred stock and 2,000 shares of $12 par common stock. Stonework paid $2,000 in cash dividends including oneyear dividends in arrears to preferred stockholders. Common stockholders received: A. $1,488. B. $960. C. $1,744. D. $0. 23.The journal entry to record the distribution of a stock dividend includes a: A. credit to Retained Earnings. B. credit to Dividends Payable. C. credit to Cash. D. credit to Common Stock. 24.A 2for1 stock split will: A. double the number of shares of stock and double the par value per share. B. double the number of shares of stock and halve the par value per share. C. halve the number of shares of stock and halve the par value per share. D. halve the number of shares of stock and double the par value per share. 25.Caesar Corporation has 280,000 shares of $9par common stock outstanding. They have declared a 8% stock dividend. The current market price of the common stock is $14/share. The amount that will be credited to Paidin Capital in Excess of Par Common Stock on the date of declaration is: A. $313,600. B. $515,200. C. $201,600. D. $112,000. 26.Before a 3for1 stock split, the shares outstanding were 5,000 shares at $48 par. After the split, what was the par value and number of shares? A. 15,000 shares and $48/share B. 15,000 shares and $16/share C. 20,000 shares and $48/share D. 5,000 shares and $768/share 27.When a company purchases treasury stock, outstanding stock is computed as: A. Issued stock + Treasury stock B. Authorized stock Treasury stock C. Issued stock Treasury stock D. Authorized stock + Treasury stock 28.Anderson Industries purchased 600 shares of the company's issued common stock, paying $14 per share. To record the purchase, the journal entry will be: A. Debit to Treasury Stock $8,400, credit to Cash $8,400 B. Debit to Common Stock $8,400, credit to Cash $8,400 C. Debit to Treasury Stock $8,400, credit to Common Stock $8,400 D. No journal entry is needed. 29.Dental Designs, Inc. Stockholders' Equity section includes the following information: Preferred Stock $11,000 Paidin Capital in Excess of ParPreferred Common Stock Paidin Capital in Excess of ParCommon Retained Earnings Total paidin capital is: 18,000 19,000 8,000 7,000 A. $26,000. B. $56,000. C. $63,000. D. $30,000. 30.The Wellington Winery's Stockholders' Equity section includes the following information: Preferred Stock $16,000 Paidin Capital in Excess of ParPreferred 6,000 Common Stock 16,000 Paidin Capital in Excess of ParCommon 8,000 Retained Earnings 9,000 What was the total selling price of the common stock? A. $22,000 B. $16,000 C. $24,000 D. $33,000 31.The ________ is the financial statement associated with the operating, investing and financing activities of a corporation. A. Income Statement B. Balance Sheet C. Statement of Stockholders' Equity D. Statement of Cash Flows 32.The accuracy of the Statement of Cash Flows can be verified by computing the change in the balance of the: A. cash and cash equivalent accounts. B. revenue accounts. C. asset and liability accounts. D. equity account. 33.The purpose of the Statement of Cash Flows is to show: A. how cash was received and used during the period. B. the profits that were earned. C. the expenses that were paid. D. the revenue earned. 34.Which of the following is NOT a part of investing activities? A. Collecting on a loan receivable B. Buying a building C. Selling off equipment D. Borrowing money 35.Investing Cash Flows affect: A. current assets and current liabilities. B. longterm liability accounts. C. longterm asset accounts. D. equity accounts. 36.Financing activities affect: A. current and longterm assets. B. longterm liabilities and equity accounts. C. current assets and current liabilities. D. current and longterm liabilities. 37.Aspen Corp. sold an asset with a book value of $58,000 for $31,000 cash. Which of the following is a TRUE statement? A. Loss on sale equals $31,000 and Cash inflow equals $31,000. B. Loss on sale equals $27,000 and Cash inflow equals $31,000. C. Loss on sale equals $31,000 and Cash inflow equals $27,000. D. Loss on sale equals $58,000 and Cash inflow equals $58,000. 38.Which would be added back to net income in the operating section of an indirect cash flow statement? A. Depreciation B. An increase in Accounts Receivable C. A decrease in Accounts Payable D. An increase in inventory 39.An example of a cash inflow from financing activities is: A. cash receipts from sale of investments. B. selling a building. C. gain on sale of land. D. cash receipts from issuance of bonds. 40.An example of a cash outflow from investing activities is: A. making a loan to another company. B. the purchase of treasury stock. C. payment on bonds payable. D. paying cash dividends. 41.Which of the following is NOT a cash inflow or outflow from an investing activity? A. Company A purchases land B. Company A purchases treasury stock C. Company A loans money to Company B D. Company A sells off Company C stock that it had owned for 3 years 42.When preparing the Statement of Cash Flows by the indirect method, if current liabilities increase, the difference is: A. added to investing activities. B. deducted from net income. C. deducted from investing activities. D. added to net income. 43.Activities that increase and decrease as a result of selling a company's stock are: A. investing activities. B. operating activities. C. marketing activities. D. financing activities. 44.Of the following, which is NOT classified as an investing activity on the Statement of Cash Flows? A. Purchasing land B. Selling goods and services C. Sale of equipment for cash D. Collecting the principal on loans 45.Green Timber reported net income of $53,000; depreciation expenses of $11,000; a gain on a land sale of $3,000; and a decrease in Accounts Receivable of $3,500. Under the indirect method, net Cash Flows from operations is: A. $70,500. B. $57,500. C. $67,500. D. $64,500. 46.If $9,000 was generated from operations (indirect method); $3,000 was used for investing activities; and $8,000 was generated from financing activities, the cash balance: A. increased by $14,000. B. decreased by $20,000. C. increased by $8,000. D. increased by $4,000. 47.Exchanging stock for a building under the direct method would be reported: A. as a separate disclosure. B. in the operating section of the cash flow statement. C. in the investing section of the cash flow statement. D. in the financing section of the cash flow statement. 48.When a corporation receives dividends, they are shown as a(n) ______ when using the direct method. A. operating activity B. investing activity C. financing activity D. noncash disclosure 49.From the Income Statement and Balance Sheet information listed below, what amount of cash was paid for salaries and wages during 2016? Salaries and wages expense 2016 $157,000 Salaries and wages payable 12/31/15 $13,600 Salaries and wages payable 12/31/16 $10,300 A. $180,900 B. $153,700 C. $143,400 D. $160,300 50.The following information is available for Bestway Company. What amount is paid for merchandise for the current year (2016)? Cost of goods sold $902,000 Merchandise inventory, 12/31/15 133,000 Merchandise inventory, 12/31/16 134,000 Accounts Payable, 12/31/15 109,000 Accounts Payable, 12/31/16 96,000 A. $1,374,000 B. $916,000 C. $888,000 D. $914,000