accounting exam 2 clicker questions

which statement reflects the financial position of a company?

balance sheet

a company reacquires 18,000 shares of its own $50 par stock for 2,250,000. the company repurchased the shares for $50 per share. true or false.

false

if expenses exceed revenues for a given period,

report a net loss

a company has paid-in capital when what takes place

sells stock to the public and re-sales its own stock

a company's own stock that has issued and repurchased is called

treasury stock

bush corporation authorized 100,000 shares of $25 par value common stock and issued 32,000 shares at $28. how much cash did Bush corporation receive from selling stock

$896,00

if the balance sheet of a company showed assets of 50,000 and shareholders equity of 30,000. what is the total companies liability?

20,000

a corporation has issued 25,000 shares of $100 par common stock and holds 3,000 shares as treasury stock. if the corporation declares a $2/share cash dividend, what amount is recorded as cash dividend payable?

44,000

during the current year merchandise sold for 3,200,000. the cost of goods sold is 2,688,000. what is the gross profit?

512,000

a company reports $40 par common stock total to 300,000 on the statement of stockholders equity. how many shares of common stock have been issued?

7,500

a company issued 75,000 shares of $10 par common stock for $23/share. what is the total amount recorded for additional paid in capital?

975,000

a company has determined it will pay a cash dividend. on which date is a liability recorded?

date of declaration

a company reacquires 18,000 shares of its own $50 par stock for 2,250,000. what affect does this transaction have?

decreases equity

a lawyer bills her client 15,000 on june 30 for services rendered during june. the lawyer collects 8,500 in july and the remainder in august. under the accural method when would the lawyer recognize the revenue?

june 15,000 july 0 aug 0