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    Accounting questions

    Asked Sep 14, 2007, 05:37 AM 15 Answers
    Cash dividends are not a liability of the corporation until they are declared by the board of directors.



    True

    A 3 for 1 common stock split will increase total stockholders' equity but reduce the par or stated value per share of common stock

    True

    A correction in income of a prior period involves either a debit or credit to the Retained Earnings account.



    True


    Restricted retained earnings are available for preferred stock dividends but unavailable for common stock dividends.



    True


    A major difference among corporations, proprietorships, and partnerships is that a corporation's income statement reports income tax expense.


    True


    Earnings per share is calculated by dividing net income by the weighted average number of shares of preferred stock and common stock outstanding.


    False


    Preferred dividends paid are added back to net income in calculating earnings per share for common stockholders.



    True


    Earnings per share is reported for both preferred and common stock.



    True


    A prior period adjustment is reported as an adjustment of the beginning balance of Retained Earnings.


    True

    Earnings per share is reported only for common stock.


    False

    Dividends Payable is classified as a


    long-term liability.

    If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to



    decrease total retained earnings and increase total liabilities.

    A prior period adjustment for understatement of net income will


    show as a gain on the current year's Income Statement.


    Abbott Cort splits its common stock 4 for 1, when the market value is $80 per share. Prior to the split, Abbott had 50,000 shares of $20 par value common stock issued and outstanding, After the split, the par value of the stock

    reduced to $20 per share


    Lennox Corporation had 300,000 shares of common stock outstanding during the year. Lennox declared and paid cash dividends of $200,00 on the common stock and $160,000 on the perferred stock. Net income for the year was $880,000.

    Lennox's earnings per share is $2.27

    Last edited by chyland; Sep 14, 2007 at 07:26 AM. Reason: spamming
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    15 Answers
    Capuchin's Avatar
    Capuchin Posts: 5,255, Reputation: 655
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    #11

    Sep 14, 2007, 09:06 AM
    Scott, he edited the original post, it was just multiple choice when I posted.
    Helpful
    LearningAsIGo's Avatar
    LearningAsIGo Posts: 2,587, Reputation: 333
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    #12

    Sep 14, 2007, 09:32 AM
    chyland disagrees: I am not sue what this person is saying
    Emland agrees: But, I can balance you!
    Thanks Em!
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    LearningAsIGo's Avatar
    LearningAsIGo Posts: 2,587, Reputation: 333
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    #13

    Sep 14, 2007, 09:37 AM
    Chy-
    Is there not a study group at school you could become apart of? Its not wise to ask people online for answers to assignments. After all, would you trust just anyone's answers? For all you know I could either be a sixth grader failing math or an accounting professor.
    Helpful
    Emland's Avatar
    Emland Posts: 2,468, Reputation: 496
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    #14

    Sep 14, 2007, 09:41 AM
    I don't think we will see him/her again Learn. Looks like someone didn't want to bother with their reading assignment and wanted us to do their work.
    Helpful
    LearningAsIGo's Avatar
    LearningAsIGo Posts: 2,587, Reputation: 333
    Ultra Member
     
    #15

    Sep 14, 2007, 09:46 AM
    I see there is a surge of this with fall semesters starting. The shame is, these people don't realize teachers are ahead of the curve and they look for their students on these kinds of sites.

    I had a professor once who confronted a student in class. He caught him trying to cheat online and even had the ISP to prove it!
    Helpful
    ScottGem's Avatar
    ScottGem Posts: 61,863, Reputation: 5752
    Computer Expert and Renaissance Man
     
    #16

    Sep 14, 2007, 10:40 AM


    Quote Originally Posted by Capuchin
    Scott, he edited the original post, it was just multiple choice when I posted.
    When I looked through the threads to make sure they were all related about half the questions where True/False and the rest he did provide an answer. The point is he did answer the questions and was just looking for confirmation.
    Helpful

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