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TAX 650 Final Exam

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TAX 650 TAX/650 TAX650 Final Exam (SNHU)

 Multiple Choice Questions

 

 Total stockholders' equity represents

 

A primary source of stockholders' equity is

 

 

 Stockholders' equity is generally classified into two major categories:

 

 

 

 

 

 Presented below is information related to Hale Corporation:

 

 

 

 Presented below is information related to Hale Corporation:

Common Stock, $1 par

$4 500 000

Paid-in Capital in Excess of Par―Common Stock

550 000

Preferred 8 1/2% Stock, $50 par

2 000 000

Paid-in Capital in Excess of Par―Preferred Stock

400 000

Retained Earnings

1 500 000

Treasury Common Stock (at cost)

150 000

 

 

 The total paid-in capital (cash collected) related to the common stock is

 

 

Berry Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2014, the first year of the corporation's existence:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Sold 10,000 shares of common stock for $13.50 per share.

 

 

 

 

 

 

 

     Issued 10,000 shares of common stock in exchange for a patent valued at $150,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 At the end of the Berry's first year, total paid-in capital amounted to

 

 

 

 

 

 

 

 

 

 

 

 

Brief Exercise 135

 Exercise 131

Parker Corporation has issued 1,700 shares of common stock and 340 shares of preferred stock for a lump sum of $62,000 cash.

Exercise 138

Problem 144

Problem 144A

Question 107

Beaty Inc. purchased Dunbar Co. and agreed to give stockholders of Dunbar Co. 10,000 additional shares in 2016 if Dunbar Co.’s net income in 2015 is $500,000; in 2014 Dunbar Co.’s net income is $520,000. Beaty Inc. has net income for 2014 of $400,000 and has an average number of common shares outstanding for 2014 of 100,000 shares. What should Beaty report as diluted earnings per share for 2014?

 

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