Question

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MULTIPLE CHOICE. (4 points each) Choose the one alternative that best completes the statement or answer the question. 1) A liquidating dividend: A) Represents a distribution of a corporation's profits to the stockholders. B) Occurs whenever a corporation distributes non-cash assets as a dividend to its stockholders C) Occurs when a corporation distributes shares of its own stock as a dividend rather than cash D) Represents a return of invested capital to a corporation's owners, the stockholders 2) On January 31, Village Bank had 500,000 shares of S3 par value common stock outstanding. On that date, the company declared a 10% stock dividend when the market price of the stock was $62 per share. The immediate effect of this dividend upon Village Bank was A) A reduction in cash of $3.794.500 B) A liability to the stockholders of SI 50,000 C) A reduction in retained earnings of $150,000. D) A reduction in retained earnings of S3,100,000 3) 3) On January 31, 2018, Village Bank had 300,000 shares of $2 par value common stock outstanding. On that date, the company declared a 14% stock dividend when the market price of the stock was $37 per share. The immediate effect of this dividend upon Village Bank was A) A reduction in cash of $2.590,000 B) A liability to the stockholders of $140.000 C) A reduction in retained earnings of $2.590,000 D) A reduction in retained earnings of S140,000 4) If a material accounting error was made in a prior year, that error A) Should be reflected, net of taxes, on the retained earnings statement B) Should be reflected as a change in accounting principle. C) Should be reflected on the current year's income statement D) Should be considered as a non-recurring item, and shown, net of taxes, on the income statement 5) 5) Doogle Corporation sold a segment of its operations in 2017 and suffered an loss in 2018 that was both unusual and infrequent. Which of the following would be the most useful in attempting to predict Doogle's performance for 2019? A) Doogle's net income in 2017 and 2018 B) Doogle's income from continuing operations in 2017 and 2018 C) Doogle's retained camnings at the end of 2018 D) Doogle's total assets at the end of 2018. 6) Unusual and infrequent non-recurring items are found on the income statement: A) Before income from continuing operations B) After prior period adjustments. C) After discontinued operations D) Before discontinued operations 7) A restriction of retained earnings: A) Appears in the statement of retained earnings as a reduction of ending retained carnings B) Appears in the liability section of the balance sheet. C) Limits the dollar amount of dividends a corporation may declare. D) Reduces the dollar amount of retained earnings shown in the balance sheet.

Answer 1

1.D Represents a return of invested capital to a corporation's owners, the stockholders. 2. A reduction in retained earnings of Honovo $ 3,100,000. (500vo x boys X 629 3. A reduction in retained earnings of $ 2,590,000 (500000 x 144.x 37) 4 . Should be reflected, net of tanes, on the retained earnings statemen 5. B Doogle's income from Continuing operations in 2017 and 2018. 6. © After discontinued operations 7. © limits the dollar amount of dividends a corporation may dedare 80 75000(50,000+3) o B. $28 per Share ; (26000 4 1000 x Gsoce 70000 10. B Should logically cause the market price per share to drop by Sapproximately 50%..