Which statement is FALSE?
A. Preferred stockholders receive dividends before the common stockholders only if the preferred stock is cumulative.
B. Preferred stockholders receive dividends before the common stockholders.
C. Preferred stockholders receive assets before the common stockholders if the corporation liquidates.
D. Preferred stockholders have the same basic four rights as common stockholders, unless a right is taken away.
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If a corporation issues 4,000 shares of $1 par value common stock for $8,000, the journal entry would include a credit to:
A. Common Stock for $8,000.
B. Paid-in Capital in Excess of Par—Common for $8,000.
Common Stock for $4,000.
D. Retained Earnings for $4,000.
If a corporation issues 5,000 shares of $5 par value common stock for $95,000, the journal entry would include a credit to:
A. Common Stock for $95,000.
B. Paid-in Capital in Excess of Par—Common for $95,000.
Common Stock for $70,000.
D. Paid-in Capital in Excess of Par—Common for $70,000.
When 100 shares of $1 par value Common Stock are issued at $25 per share, Paid-in Capital in Excess of Par—Common will:
A. increase $100.
B. increase $2,500.
C. increase $2,400.
D. stay the same.
Lewandowski Company reports the following information at the fiscal year end of December 31, 2015:Common Stock, $0.10 par value per share$88 millionPaid-in Capital in Excess of Par—Common700 millionRetained Earnings800 millionTotal Stockholders' Equity$1,588 millionWhatisthetotalpaid-incapitalforthiscompanyatDecember31,2015?
A. $88million
B. $788million
C. $888million
D. $1,588million
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