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Powder Corporation Declared

  • Date Submitted: 03/15/2016 05:37 AM
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Powder Corporation declared

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Powder Corporation declared, but had not yet paid, dividends on the 10,000 shares of 6%, $10 par value cumulative preferred stock it had outstanding for the year. The weighted average number of common shares outstanding and net income for the year were 50,000 shares and $90,000, respectively. Earnings per share equals:
Answer:


Hallery Corporation issued 600 shares of 10% $15 par convertible preferred stock for $12,000. The entry to record the declaration of the annual cash dividend is:

1. debit Cash Dividends $900 and credit Dividends Payable $900.
2. debit Cash Dividends $1,200 and credit Cash $1,200.
3. debit Cash Dividends $1,200 and credit Dividends Payable $1,200.
4. debit Cash Dividends $900 and credit Cash $900.

Treasury stock is reported in the balance sheet as a deduction from:
1. capital stock.
2. paid-in capital and retained earnings.
3. additional paid-in capital.
4. retained earnings.
Watkins, Inc. paid $48,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a:
1. credit to Common Stock for $6,000.
2. debit to Paid-in Capital from Treasury Stock for $45,000.
3. debit to Retained Earnings for $48,000.
4. credit to Paid-in Capital from Treasury Stock for $6,000.

The account Unrealized Loss—Income is reported:
1. as a contra account in the stockholders' equity section of the balance sheet.
2. as a contra account in the current asset section of the balance sheet.
3. in the other expenses and losses section of the income statement.
4. in the operating section of the income statement.

Dior Manufacturing purchased 100% of Venus, Inc. common stock for $900,000 when Venus had stockholders' equity consisting of $400,000 of common stock and $300,000 of retained earnings. In the consolidated balance sheet,...

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