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Question 15

A balance sheet prepared on December 31, 20xx, would report total contributed capital of

A) $90,000

B) $97,000

C) $115,000

D) $155,000

Question 16

A balance sheet prepared on December 31, 20xx, would report total stockholders equity of

Question 16 options:

A) $90,000

B) $97,000

C) $115,000

D) $155,000

Question 17

Use the following information to answer the question(s) below. The board of directors of Irondale Corporation declared a cash dividend of $2.50 per share on 57,000 shares of common stock on June 14, 20xx. The dividend is to be paid on July 15, 20xx, to shareholders of record on July 1, 20xx.

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The proper entry to record the declaration on June 14, 20xx, will include a

Question 17 options:

A) Debit to Retained Earning

B) Debit to Cash Dividends Payable

C) Credit to Retained Earnings

D) Credit to Cash Dividends Declared (which is an equity account closed into retained earnings at year end)

Question 18

Use the following information to answer the question(s) below. The board of directors of Irondale Corporation declared a cash dividend of $2.50 per share on 57,000 shares of common stock on June 14, 20xx. The dividend is to be paid on July 15, 20xx, to shareholders of record on July 1, 20xx.

The proper entry to record the payment of the dividend on July 15, 20xx, will include a

Question 18 options

A) Credit to Cash Dividends Payable $14,250

B) Debit to Cash Dividends Payable $142,500

C) Credit to Cash Dividends Declared $142,500

D) Debit to Cash Dividends Declared $14,250

Question 19

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Convertible preferred stock is preferred stock that may be exchanged for

Question 19 options:

A) Cash at the option of the corporation

B) Common stock at the option of the corporation

C) Cash at the option of the stockholder

D) Common stock at the option of the stockholder