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Sur Inc. has 12,000 shares of 4%, OR 10 par, cumulative, preferred stock, and 47,000 shares of common stock outstanding. Beck declared no dividends in 2011. In 2012, Beck declares a total dividend of OR 54,000. How much of the dividends go to the common stockholders? Select one: A OR 4,800 B. OR 44,400 C. None; it all goes to preferred D. OR 9,600 Al Kamel Company issued 5,000 shares of common stock in exchange for manufacturing equipment. The equipment was valued at OR 80,000. The stock has par value of OR 5 per share. What would be the journal entry to record this transaction? Select one: A. Dr. Equipment Cr. Common Stock 80,000 80,000 B. Dr. Equipment 80,000 Cr. Common Stock 25,000 Paid-in Capital 55,000 C. Dr. Common Stock Cr. Equipment Paid-in Capital 80,000 25,000 55,000 D. Dr. Equipment Cr. Common Stock 80,000 25,000 Retained Earnings 55,000

Sur Inc. has 12,000 shares of 4%, OR 10 par, cumulative, preferred stock, and 47,000 shares of common stock outstanding. Beck declared no dividends in 2011. In 2012, Beck declares a total dividend of OR 54,000. How much of the dividends go to the common stockholders? Select one: A OR 4,800 B. OR 44,400 C. None; it all goes to preferred D. OR 9,600 Al Kamel Company issued 5,000 shares of common stock in exchange for manufacturing equipment. The equipment was valued at OR 80,000. The stock has par value of OR 5 per share. What would be the journal entry to record this transaction? Select one: A. Dr. Equipment Cr. Common Stock 80,000 80,000 B. Dr. Equipment 80,000 Cr. Common Stock 25,000 Paid-in Capital 55,000 C. Dr. Common Stock Cr. Equipment Paid-in Capital 80,000 25,000 55,000 D. Dr. Equipment Cr. Common Stock 80,000 25,000 Retained Earnings 55,000

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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Sur Inc. has 12,000 shares of 4%, OR 10 par, cumulative, preferred stock, and 47,000 shares of common stock outstanding. Beck declared no dividends in 2011. In 2012, Beck declares a total dividend of OR 54,000. How much of the dividends go to the common stockholders? Select one: A OR 4,800 B. OR 44,400 C. None; it all goes to preferred D. OR 9,600
Transcribed Image Text:Sur Inc. has 12,000 shares of 4%, OR 10 par, cumulative, preferred stock, and 47,000 shares of common stock outstanding. Beck declared no dividends in 2011. In 2012, Beck declares a total dividend of OR 54,000. How much of the dividends go to the common stockholders? Select one: A OR 4,800 B. OR 44,400 C. None; it all goes to preferred D. OR 9,600
Al Kamel Company issued 5,000 shares of common stock in exchange for manufacturing equipment. The equipment was valued at OR 80,000. The stock has par value of OR 5 per share. What would be the journal entry to record this transaction? Select one: A. Dr. Equipment Cr. Common Stock 80,000 80,000 B. Dr. Equipment 80,000 Cr. Common Stock 25,000 Paid-in Capital 55,000 C. Dr. Common Stock Cr. Equipment Paid-in Capital 80,000 25,000 55,000 D. Dr. Equipment Cr. Common Stock 80,000 25,000 Retained Earnings 55,000
Transcribed Image Text:Al Kamel Company issued 5,000 shares of common stock in exchange for manufacturing equipment. The equipment was valued at OR 80,000. The stock has par value of OR 5 per share. What would be the journal entry to record this transaction? Select one: A. Dr. Equipment Cr. Common Stock 80,000 80,000 B. Dr. Equipment 80,000 Cr. Common Stock 25,000 Paid-in Capital 55,000 C. Dr. Common Stock Cr. Equipment Paid-in Capital 80,000 25,000 55,000 D. Dr. Equipment Cr. Common Stock 80,000 25,000 Retained Earnings 55,000
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