Which of the following statements is TRUE regarding pension liabilities?
A. They originate when a business provides retirement compensation for its employees.
B. If the pension obligation exceeds the market value of the plan assets, that excess is reported as a liability.
C. If the plan assets exceed the pension liability, the asset and obligation amounts are reported only in the notes to the financial statements.
D. All of the above are true.
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Double taxation means that the:
A. corporation's income tax is allocated to the shareholders based on ownership percentage.
B. corporate earnings are subject to state and federal income tax.
C. corporation pays taxes on its earnings and the shareholders pay taxes on the dividends received from the corporation.
D. shareholders' dividends are taxed at the corporate tax rate.
Which one of the following is NOT a stockholder's right of ownership in a corporation?
A. the right to participate in management by voting on matters that come before the stockholders
B. the right to receive a proportionate share of the assets remaining after all liabilities are paid upon liquidation
C. the right to maintain one's proportionate share of ownership in the corporation
D. the right to decide if a dividend should be distributed
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.
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.
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