How does the declaration of a cash dividend affect the accounting equation?
A. increase to Liabilities and a decrease to Stockholders' Equity.
B. increase to Liabilities and a decrease to Assets.
C. increase to Assets and a decrease to Liabilities.
D. increase to Stockholders' Equity and a decrease to Assets.
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Which of the following is a right of a stockholder?
A. Voting
B. Preemption
C. Dividends
D. All of the above.
Which of the following is part of stockholders’ equity?
A. Paid-in capital
B. Retained earnings
C. Both a and b
D. None of the above
Troy Corporation issued 50,000 shares of $1 par common stock at a price of $5 per share. On June 1, Troy purchased 2,000 shares of its own stock at a cost of $7 per share. On December 1, Troy resold all the shares for $8 each. The entry on December 1 would include which of these?
A. Credit to Paid-in Capital from Treasury Stock Transactions, $2,000
B. Credit to Treasury Stock, $14,000
C. Gain on the Sale of Treasury Stock, $2,000
D. Both A and B.
The entry to sell 100 shares of $12 par common stock at $17 per share would include a:
A. $1,700 credit to Common Stock.
B. $1,200 debit to Cash.
C. $1,200 credit to Common Stock.
D. $500 debit to Additional Paid-in Capital.
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