College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 20, Problem 5MC
- (a) current liability
- (b) current asset
- (c) deduction from stockholders’ equity
- (d) addition to stockholders’ equity
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Stock Dividends Distributable is classified on the balance sheet as a(n)(a) asset.(b) liability.(c) expense.(d) stockholders’ equity.
When preparing the stockholders' equity section of the balance sheet, assume that the following accounts have normal balances. Which of these account balances would not be an addition to the Paid-In Capital section?
Group of answer choices
Common Stock (credit balance)
Treasury Stock (debit balance)
Paid-In Capital in Excess Par Common Stock (credit balance)
Preferred Stock (credit balance)
The entry to record common stock issued at its par value includes a:
A. credit to Cash
B. debit to Retained Earnings
C. credit to the Common Stock account
D. debit to Paid-in Capital in Excess of Par Value-Common
Chapter 20 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 20 - Prob. 1TFCh. 20 - Prob. 2TFCh. 20 - Dividends are not taxable because these earnings...Ch. 20 - Prob. 4TFCh. 20 - Prob. 5TFCh. 20 - Prob. 1MCCh. 20 - Prob. 2MCCh. 20 - Prob. 3MCCh. 20 - Stock subscriptions receivable are listed as...Ch. 20 - Treasury stock is listed as a(n) __________ on the...
Ch. 20 - Prob. 1CECh. 20 - Genous Company has 20,000 shares of common stock...Ch. 20 - Prepare general journal entries for the following...Ch. 20 - Prepare the stockholders equity section of the...Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - If a corporation issues only one class of stock,...Ch. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - How is common stock subscriptions receivable...Ch. 20 - Prob. 10RQCh. 20 - Prob. 11RQCh. 20 - ORGANIZATION COSTS BB Electric decided to...Ch. 20 - DIVIDEND ALLOCATIONS Situation 1 Nguyen Company...Ch. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - Prob. 4SEACh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Juneau Associates had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1SEBCh. 20 - Prob. 2SEBCh. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Athletics West had the...Ch. 20 - Prob. 9SPBCh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1MYWCh. 20 - Prob. 1ECCh. 20 - Stockholders equity accounts and other related...Ch. 20 - Prepare general journal entries for the following...
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- Stock subscriptions receivable are listed as __________ on the balance sheet. (a) current liabilities (b) current assets (c) long-term assets (d) contra-stockholders equityarrow_forwardStockholders equity consists of which of the following? A. bonds payable B. retained earnings and accounts receivable C. retained earnings and paid-in capital D. discounts and premiums on bond payablearrow_forwardName the two main components of stockholders; equity. Describe the main sources of change in each component.arrow_forward
- Stockholders’ equity consists of which of the following?A. bonds payableB. retained earnings and accounts receivableC. retained earnings and paid-in capitalD. discounts and premiums on bond payablearrow_forwardIn a balance sheet, the total of common stock and retained earnings are denoted as Select one: a. Common Equity b. Due Equity c. Common Perpetuity d. Preferred equityarrow_forwardIndicate how each of the following accounts should be classified in the stockholders’ equity section. a. Common Stock. b. Retained Earnings. c. Paid-in Capital in Excess of Par—Common Stock. d. Treasury Stock. e. Paid-in Capital from Treasury Stock. f. Paid-in Capital in Excess of Stated Value—Common Stock. g. Preferred Stock.arrow_forward
- Indicate the correct order in which to report the following accounts in the stockholders’ equity section of the balance sheet: Additional Paid-in Capital, Common Stock, Preferred Stock, Treasury Stock, and Retained Earnings.arrow_forwardTreasury Stock is a(n) * contra asset account. O retained earnings account. asset account. contra stockholders' equity account.arrow_forwardHow is treasury stock reported on the balance sheet? Select one: Investment Contra asset Current asset Reduction of stockholders' equityarrow_forward
- Question Content Area Which of the following entries journalizes the issuance of common stock? a.debit Fees Earned; credit Common Stock b.debit Common Stock; credit Accounts Receivable c.debit Cash; credit Common Stock d.debit Dividends; credit Casharrow_forwardTreasury stock should be reported as: a. A Reduction of stockholders equity in the balance sheet b. A Fixed asset in the balance sheet c. A long term investment in the balance sheet d. A Current asset in the balance sheetarrow_forwardIdentify the account(s) needed to enter the transaction. Indicate whether entry is debit (DR) or credit (CR). 1. Declared stock dividend based on market price or lower than par ______________ 2. Distribution of no.1 stock dividends. _______________ 3.Cash sale of bond between interest date _______________ 4. Payment of interest on No. 3 above. _______________arrow_forward
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