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Quiz for ACIS 2115 - Principles of Accounting at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 10
Professor:Staff
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Following Shares
  • Increase Cash
  • Common Stock
  • Kramer Company
  • Preferred Stockholders
  • Decrease Cash
  • Cash Contribution
  • Total Cash Dividends
  • Cash Revenue
  • Percent Stock Dividend
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Sample Document Text

ACIS 2115 Quiz 10 November 18, 2005 1. The ZZ Corporation had the following shares of stock outstanding at December 31, 2003: Common Stock, $50 par value, 40,000 shares outstanding; and Preferred Stock, 6 percent, $100 par value, cumulative, 10,000 shares outstanding. No dividends were paid in 2001 and 2002; thus, dividends for 2001 and 2002 were in arrears. On December 31, 2003, ZZ declared total cash dividends of $250,000. The total amounts payable to preferred stockholders and common stockholders, respectively, are: a. $60,000 / $190,000. b. $120,000 / $130,000. c. $125,000 / $125,000. d. $180,000 / $70,000. 2. The Kramer Company was started when it issued 200 shares of $5 par value common stock at a market price of $20 per share. The entry to record the issue of the 200 shares of stock would a. increase cash by $4,000 / increase common stock by $4,000. b. increase cash by $4,000 / increase common stock and paid-in capital in excess of par value by $1,000 and $3,...

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