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18) Twilight Corporation issued 250 shares of $15 par value stock for $17 per share. The journal entry to record this transaction would include a: f) Debit to Common Stock of $3,750 h) i) j) Credit to Paid in Capital in Excess of Par Value of $500 Debit to Cash of $3,750 Credit to Cash of $4,250 None of the above

18) Twilight Corporation issued 250 shares of $15 par value stock for $17 per share. The journal entry to record this transaction would include a: f) Debit to Common Stock of $3,750 h) i) j) Credit to Paid in Capital in Excess of Par Value of $500 Debit to Cash of $3,750 Credit to Cash of $4,250 None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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18) Twilight Corporation issued 250 shares of $15 par value stock for $17 per share. The journal entry to record this transaction would include a: f) h) i) j) Debit to Common Stock of $3,750 Credit to Paid in Capital in Excess of Par Value of $500 Debit to Cash of $3,750 Credit to Cash of $4,250 None of the above 19) Rich Ltd. declares a 3 for 1 stock split on its class A common shares. There are 12,000,000 shares authorized and 6,000,000 shares outstanding. The book value of each share at the time of the declaration is $12 and the market value at the Toronto Stock Exchange is $16. The entry to record the split should: f) Debit retained earnings Credit retained earnings h) i) Debit a liability account Debit some other shareholders equity account None of the above 20) Donald's Inc. would like to declare dividends by distributing accounts receivable rights. Partial financial information for Donald's Inc. is below. Cash balance... .$2,000 ..$20,000 .$10,000 a) $1,200 b) $2,000 c) $10,000 d) $129,000 e) None of the above WILTout pe Inventory... Retained Earnings... Accounts Receivable. .$7,500 Dividends receivable..... .$1,200 Shareholder's equity.........$129,000 What is the maximum dividend that Donald's Inc. can declare and pay given the above financial information?
Transcribed Image Text:18) Twilight Corporation issued 250 shares of $15 par value stock for $17 per share. The journal entry to record this transaction would include a: f) h) i) j) Debit to Common Stock of $3,750 Credit to Paid in Capital in Excess of Par Value of $500 Debit to Cash of $3,750 Credit to Cash of $4,250 None of the above 19) Rich Ltd. declares a 3 for 1 stock split on its class A common shares. There are 12,000,000 shares authorized and 6,000,000 shares outstanding. The book value of each share at the time of the declaration is $12 and the market value at the Toronto Stock Exchange is $16. The entry to record the split should: f) Debit retained earnings Credit retained earnings h) i) Debit a liability account Debit some other shareholders equity account None of the above 20) Donald's Inc. would like to declare dividends by distributing accounts receivable rights. Partial financial information for Donald's Inc. is below. Cash balance... .$2,000 ..$20,000 .$10,000 a) $1,200 b) $2,000 c) $10,000 d) $129,000 e) None of the above WILTout pe Inventory... Retained Earnings... Accounts Receivable. .$7,500 Dividends receivable..... .$1,200 Shareholder's equity.........$129,000 What is the maximum dividend that Donald's Inc. can declare and pay given the above financial information?
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