1. Can a firm record dividend payments to its shareholders as expenses?
Yes
No
2. Lamp Co. is established on January 1, 2015. It has 25,000 authorized shares and each common share has a par value of $10. The firm issues 15,000 shares at $12 per share on January 2, 2015 and eams net income of $230,000 during year 2015. What is the total shareholders' equity at the end of year 2015?
O $480,000
O $380,000
O $410,000
$530,000
3. Lamp Co. is established on January 1, 2015. It has 25,000 authorized shares and each common share has a par value of $10. The firm issues 15,000 shares at $12 per share on January 2, 2015 and ears net income of $230,000 during year 2015. What is the retained earnings balance at the end of year 2015?
O $150,000
O $230,000
$4,100,000
O $30,000
4. Which of the following statements is false?
O Dividends are not paid for treasury shares.
O Dividends reduce retained earnings.
None of the above
Cash dividends reduce net income.
5. When treasury stock is purchased by cash, what is the effect of this transaction on the balance sheet?
O No change
Assets decrease and stockholders' equity increases. Assets decrease and stockholders' equity decreases.
Assets increase and stockholders' equity decreases.
6. Mars Co. has 50,000 authorized shares, 35,000 outstanding shares, 3,000 treasury stock, and pays a cash dividend of $1 per common stock. How much is paid for dividends?
O $50,000
$53,000
O $35,000
$35,000
7. Bowling Co. begins its operations in January 2015 by issuing 2,000 shares of common stock at 54 per share. The par value of the stock is $1 per share. The firm repurchases 600 shares at $5 per share in June 2016. What amount should Bowling Co. report as treasury stock on its balance sheet for the year 2016?
($1,200)
O(5000)
O 152,400)
O 153,000)
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