{"id":47684,"date":"2022-04-01T16:46:48","date_gmt":"2022-04-01T16:46:48","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/multiple-choice-question-219-the-trial-balance-of-houston-inc\/"},"modified":"2022-04-01T16:46:48","modified_gmt":"2022-04-01T16:46:48","slug":"multiple-choice-question-219-the-trial-balance-of-houston-inc","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/multiple-choice-question-219-the-trial-balance-of-houston-inc\/","title":{"rendered":"Multiple choice question 219 the trial balance of houston inc."},"content":{"rendered":"
\n

Multiple Choice Question 219\u00a0<\/p>\n

The trial balance of Houston Inc. includes the following balances: Common Stock, $28,000; Paid-in Capital in Excess of Par, $64,000; Treasury Stock, $6,000; Preferred Stock, $30,000. Capital stock totals<\/p>\n

\u00a0<\/p>\n

$122,000.\u00a0<\/p>\n

$128,000.\u00a0<\/p>\n

$58,000. \u00a0\u00a0<\/p>\n

$96,000.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 56\u00a0<\/p>\n

A factor which distinguishes the corporate form of organization from a sole proprietorship or partnership is that a<\/p>\n

\u00a0<\/p>\n

corporation\u2019s temporary accounts are closed at the end of the accounting period.\u00a0<\/p>\n

corporation is organized for the purpose of making a profit.\u00a0<\/p>\n

corporation is subject to more federal and state government regulations.\u00a0<\/p>\n

corporation is an accounting economic entity.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 138\u00a0<\/p>\n

The date on which a cash dividend becomes a binding legal obligation is on the<\/p>\n

\u00a0<\/p>\n

last day of the fiscal year-end.\u00a0<\/p>\n

payment date.\u00a0<\/p>\n

declaration date.\u00a0<\/p>\n

date of record.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 207\u00a0<\/p>\n

In the stockholders’ equity section of the balance sheet,<\/p>\n

\u00a0<\/p>\n

Common Stock Dividends Distributable will be classified as part of additional paid-in capital.\u00a0<\/p>\n

Additional Paid-in Capital appears under the subsection Paid-in Capital.\u00a0<\/p>\n

Dividends in arrears will appear as a restriction of Retained Earnings.\u00a0<\/p>\n

Common Stock Dividends Distributable will appear in its own subsection of the stock- holders’ equity.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 167\u00a0<\/p>\n

When stock dividends are distributed,<\/p>\n

\u00a0<\/p>\n

Retained Earnings is decreased.\u00a0<\/p>\n

Common Stock Dividends Distributable is decreased.\u00a0<\/p>\n

Paid-in Capital in Excess of Par is debited if it is a small stock dividend.\u00a0<\/p>\n

no entry is necessary if it is a large stock dividend.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 198\u00a0<\/p>\n

A prior period adjustment that corrects income of a prior period requires that an entry be made to<\/p>\n

\u00a0<\/p>\n

an income statement account.\u00a0<\/p>\n

the retained earnings account.\u00a0<\/p>\n

an asset account.\u00a0<\/p>\n

a current year revenue or expense account.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 58\u00a0<\/p>\n

The concept of an “artificial being” refers to which form of business organization?<\/p>\n

\u00a0<\/p>\n

Corporation\u00a0<\/p>\n

Limited partnership\u00a0<\/p>\n

Partnership\u00a0<\/p>\n

Sole proprietorship<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 60\u00a0<\/p>\n

The two ways that a corporation can be classified by ownership are<\/p>\n

\u00a0<\/p>\n

publicly held and privately held.\u00a0<\/p>\n

stock and non-stock.\u00a0<\/p>\n

majority and minority.\u00a0<\/p>\n

inside and outside.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 79\u00a0<\/p>\n

If an investment firm underwrites a stock issue, the<\/p>\n

\u00a0<\/p>\n

investment firm has guaranteed profits on the sale of the stock.\u00a0<\/p>\n

issuance of stock is likely to be directly to creditors.\u00a0<\/p>\n

risk of being unable to sell the shares stays with the issuing corporation.\u00a0<\/p>\n

corporation obtains cash immediately from the investment firm.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 133\u00a0<\/p>\n

Vega Corporation\u2019s December 31, 2013 balance sheet showed the following:<\/p>\n

8% preferred stock, $20 par value, cumulative, 10,000 shares<\/p>\n

\u00a0 \u00a0 \u00a0authorized; 7,500 shares issued$150,000<\/p>\n

Common stock, $10 par value, 1,000,000 shares authorized;<\/p>\n

\u00a0 \u00a0 \u00a0975,000 shares issued, 960,000 shares outstanding9,750,000<\/p>\n

Paid-in capital in excess of par\u2014preferred stock30,000<\/p>\n

Paid-in capital in excess of par\u2014common stock13,500,000<\/p>\n

Retained earnings3,750,000<\/p>\n

Treasury stock (15,000 shares)315,000<\/p>\n

\u00a0<\/p>\n

Vega declared and paid a $48,000 cash dividend on December 15, 2013. If the company\u2019s dividends in arrears prior to that date were $10,000, Vega\u2019s common stockholders received<\/p>\n

\u00a0<\/p>\n

$26,000. \u00a0 \u00a0<\/p>\n

$38,000.\u00a0<\/p>\n

$22,000.\u00a0<\/p>\n

no dividend.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 109\u00a0<\/p>\n

A corporation purchases 20,000 shares of its own $15 par common stock for $30 per share, recording it at cost. What will be the effect on total stockholders\u2019 equity?<\/p>\n

\u00a0<\/p>\n

Increase by $300,000\u00a0<\/p>\n

Increase by $600,000\u00a0<\/p>\n

Decrease by $300,000\u00a0<\/p>\n

Decrease by $600,000 \u00a0\u00a0<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 234\u00a0<\/p>\n

When the selling price of treasury stock is greater than its cost, the company credits the difference to<\/p>\n

\u00a0<\/p>\n

Paid-in Capital from Treasury Stock.\u00a0<\/p>\n

Treasury Stock.\u00a0<\/p>\n

Paid-in Capital in Excess of Par.\u00a0<\/p>\n

Gain on of Treasury Stock.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 90\u00a0<\/p>\n

A separate paid-in capital account is used to record each of the following except the issuance of<\/p>\n

\u00a0<\/p>\n

treasury stock above cost.\u00a0<\/p>\n

par value stock.\u00a0<\/p>\n

no-par stock.\u00a0<\/p>\n

stated value stock.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 64\u00a0<\/p>\n

Which of the following statements reflects the transferability of ownership rights in a corporation?<\/p>\n

\u00a0<\/p>\n

A stockholder must obtain permission from the board of directors before selling shares.\u00a0<\/p>\n

A stockholder must obtain permission from at least three other stockholders before selling shares.\u00a0<\/p>\n

If a stockholder decides to transfer ownership, he must transfer all of his shares.\u00a0<\/p>\n

A stockholder may dispose of part or all of his shares.<\/p>\n

\u00a0<\/p>\n

Multiple Choice Question 151\u00a0<\/p>\n

Which of the following is not a significant date with respect to dividends?<\/p>\n

\u00a0<\/p>\n

The incorporation date\u00a0<\/p>\n

The record date\u00a0<\/p>\n

The declaration date\u00a0<\/p>\n

The payment date<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Multiple Choice Question 219\u00a0 The trial balance of Houston Inc. includes the following balances: Common Stock, $28,000; Paid-in Capital in Excess of Par, $64,000; Treasury Stock, $6,000; Preferred Stock, $30,000. Capital stock totals \u00a0 $122,000.\u00a0 $128,000.\u00a0 $58,000. \u00a0\u00a0 $96,000. \u00a0 Multiple Choice Question 56\u00a0 A factor which distinguishes the corporate form of organization from a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-47684","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=47684"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47684\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=47684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=47684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=47684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}