ACC 423 Final Exam
ACC 423 Final Exam
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Question 1
Buttercup Corporation issued 330 shares of $10 par value common stock for $4,950. Prepare Buttercup journal entry.( List multiple debit credit from largest to smallest amount e.g. 10,5,2)
Question 2
Wilco Corporation has the following account balances at December 31, 2012 Common Stock $5 par value $551,530 Treasury Stock 99,710 Retained Earnings 2,377,200 Paid in capital in excess of par 1,346,570
Prepare Wilco’s December 31,2012, stockholders equity section
Question 3
Woolford Inc. declared a cash dividend of $1.37 par share on its 2.49 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates. ( If no entry is required , enter no entry as the description and 0 as the amount)
Question 4 (Preferred Dividends)
The outstanding capital stock of Pennington Corporation consists of 2200 shares of $101 par value , 6 % preferred, and, 8400 shares of $56 par value common.
Assuming that the company has retained earnings of $82,000, all of which is to be paid out in dividends, and that preferred dividends was not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following condition:
(a) The preferred stock is noncumulative and nonparticipating
(b) red stock is cumulative and nonparticipating
(c)The preferred stock is cumulative and Participating (Round rate of participation is 4 decimal places, e.g. 5.1234. Round final
Copy this link to your browser and download
http://www.finalexamguide.com/ACC-423-Final-Exam-WileyPlus-3-191.htm
Question 1
Buttercup Corporation issued 330 shares of $10 par value common stock for $4,950. Prepare Buttercup journal entry.( List multiple debit credit from largest to smallest amount e.g. 10,5,2)
Question 2
Wilco Corporation has the following account balances at December 31, 2012 Common Stock $5 par value $551,530 Treasury Stock 99,710 Retained Earnings 2,377,200 Paid in capital in excess of par 1,346,570
Prepare Wilco’s December 31,2012, stockholders equity section
Question 3
Woolford Inc. declared a cash dividend of $1.37 par share on its 2.49 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates. ( If no entry is required , enter no entry as the description and 0 as the amount)
Question 4 (Preferred Dividends)
The outstanding capital stock of Pennington Corporation consists of 2200 shares of $101 par value , 6 % preferred, and, 8400 shares of $56 par value common.
Assuming that the company has retained earnings of $82,000, all of which is to be paid out in dividends, and that preferred dividends was not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following condition:
(a) The preferred stock is noncumulative and nonparticipating
(b) red stock is cumulative and nonparticipating
(c)The preferred stock is cumulative and Participating (Round rate of participation is 4 decimal places, e.g. 5.1234. Round final