True/False

____ 14. When a stock dividend is declared, a liability is recorded on the books.

____ 15. When no-par stock is issued, the Common Stock account is credited for the selling price of the stock issued.

____ 16. In the chart of accounts for a Partnership, each partner has a separate capital and withdrawal account.

____ 17. When liquidating a partnership, any gain or loss from the realization of assets should be shared by the partners per the income-sharing ratio that is stipulated in the partnership agreement.

____ 18. The stock dividends distributable account is listed in the current liability section of the balance sheet.

____ 19. The salary allowance allocation to partners used in dividing net income would also appear as salary expense on the partnership income statement.

____ 20. A devotes full time and B devotes one-half time to their partnership. If the partnership agreement is silent concerning the division of net income, A will receive a $20,000 share of a net income of $30,000.

____ 21. XX sells (for $40,000 cash) to AA one-half of a partnership capital interest that totals $70,000. AA's capital account in the partnership should be credited for $40,000.

____ 22. A corporation has 12,000 shares of $20 par value stock outstanding that has a current market value of $150. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately $50.

____ 23. The declaration of a cash dividend decreases a corporation's stockholders equity and decreases its assets.

____ 24. Cash dividends become a liability to a corporation on the date of record.

____ 25. The declaration and issuance of a stock dividend does not affect the total amount of a corporation's assets, liabilities, or stockholders' equity.