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intermediate acct test bankch1591-5

Stockholders’Equity15-21;91.;StinsonCorporationowned3;WingerCorporationowned30;Whatwouldbethereductioni;92.;93.;GibbsCorporationowned20,;Melvern’sCorporationhasa;94.;15-22TestBankf


Stockholders’ Equity 15 - 21

91.

Stinson Corporation owned 30,000 shares of Matile Corporation. These shares were purchased in 2009 for $270,000. On November 15, 2013, Stinson declared a property dividend of one share of Matile for every ten shares of Stinson held by a stockholder. On that date, when the market price of Matile was $21 per share, there were 270,000 shares of Stinson outstanding. What gain and net reduction in retained earnings would result from this property dividend? a. $0 $243,000 b. $0 $567,000 c. $324,000 $81,000 d. $324,000 $243,000

Winger Corporation owned 300,000 shares of Fegan Corporation stock. On December 31, 2012, when Winger's account "Equity Investment (Fegan Corporation") had a carrying value of $5 per share, Winger distributed these shares to its stockholders as a dividend. Winger originally paid $8 for each share. Fegan has 1,000,000 shares issued and outstanding, which are traded on a national stock exchange. The quoted market price for a Fegan share was $7 on the declaration date and $9 on the distribution date.

What would be the reduction in Winger's stockholders' equity as a result of the above transactions? a. $1,200,000. b. $1,500,000. c. $2,400,000. d. $2,700,000.

92.

93.

Gibbs Corporation owned 20,000 shares of Oliver Corporation’s $5 par value common stock. These shares were purchased in 2009 for $180,000. On September 15, 2013, Gibbs declared a property dividend of one share of Oliver for every ten shares of Gibbs held by a stockholder. On that date, when the market price of Oliver was $21 per share, there were 180,000 shares of Gibbs outstanding. What NET reduction in retained earnings would result from this property dividend? a. $162,000 b. $378,000 c. $108,000 d. $216,000

Melvern’s Corporation has an investment in 10,000 shares of Wallace Company common stock with a cost of $436,000. These shares are used in a property dividend to stockholders of Melvern’s. The property dividend is declared on May 25 and scheduled to be distributed on July 31 to stockholders of record on June 15. The fair value per share of Wallace stock is $63 on May 25, $66 on June 15, and $68 on July 31. The net effect of this property dividend on retained earnings is a reduction of a. $680,000. b. $660,000. c. $630,000. d. $436,000.

94.

15 - 22 Test Bank for Intermediate Accounting, Fourteenth Edition

95. Hernandez Company has 490,000 shares of $10 par value common stock outstanding.

During the year, Hernandez declared a 10% stock dividend when the market price of the stock was $30 per share. Four months later Hernandez declared a $.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by a. $1,739,500. b. $735,000. c. $269,500. d. $245,000.

96. On June 30, 2012, when Ermler Co.'s stock was selling at $65 per share, its capital

accounts were as follows:

Capital stock (par value $50; 80,000 shares issued) Premium on capital stock Retained earnings

$4,000,000 600,000 4,200,000

If a 100% stock dividend were declared and distributed, capital stock would be a. $4,000,000. b. $4,600,000. c. $8,000,000. d. $8,800,000.

97.

The stockholders' equity section of Gunkel Corporation as of December 31, 2012, was as follows:

Common stock, par value $2; authorized 20,000 shares; issued and outstanding 10,000 shares $ 20,000 Paid-in capital in excess of par 30,000 Retained earnings On March 1, 2013, the board of directors declared a 15% stock dividend, and accordingly

1,500 additional shares were issued. On March 1, 2011, the fair value of the stock was $6 per share. For the two months ended February 28, 2013, Gunkel sustained a net loss of $10,000.

What amount should Gunkel report as retained earnings as of March 1, 2013? a. $76,000. b. $82,000. c. $86,000. d. $92,000.

Stockholders’ Equity 15 - 23

98.

The stockholders' equity of Howell Company at July 31, 2012 is presented below:

Common stock, par value $20, authorized 400,000 shares; issued and outstanding 160,000 shares Paid-in capital in excess of par Retained earnings

$3,200,000 160,000 On August 1, 2012, the board of directors of Howell declared a 10% stock dividend on common stock, to be distributed on September 15th. The market price of Howell's common stock was $35 on August 1, 2012, and $38 on September 15, 2012. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend? a. $320,000. b. $560,000. c. $608,000. d. $400,000.

99.

On January 1, 2012, Dodd, Inc., declared a 15% stock dividend on its common stock when the fair value of the common stock was $20 per share. Stockholders' equity before the stock dividend was declared consisted of:

Common stock, $10 par value, authorized 200,000 shares; issued and outstanding 120,000 shares Additional paid-in capital on common stock Retained earnings

Total stockholders' equity

$1,200,000 150,000 700,000 What was the effect on Dodd’s retained earnings as a result of the above transaction? a. $180,000 decrease b. $360,000 decrease c. $600,000 decrease d. $300,000 decrease

100. On January 1, 2012, Culver Corporation had 110,000 shares of its $5 par value common

stock outstanding. On June 1, the corporation acquired 10,000 shares of stock to be held in the treasury. On December 1, when the market price of the stock was $8, the corporation declared a 15% stock dividend to be issued to stockholders of record on December 16, 2012. What was the impact of the 15% stock dividend on the balance of the retained earnings account? a. $750,000 decrease b. $120,000 decrease c. $132,000 decrease d. No effect

15 - 24 Test Bank for Intermediate Accounting, Fourteenth Edition

101. At the beginning of 2013, Flaherty Company had retained earnings of $250,000. During

the year Flaherty reported net income of $100,000, sold treasury stock at a ―gain‖ of $36,000, declared a cash dividend of $60,000, and declared and issued a small stock dividend of 3,000 shares ($10 par value) when the fair value of the stock was $20 per share. The amount of retained earnings available for dividends at the end of 2013 was a. $230,000. b. $260,000. c. $266,000. d. $296,000.

102. Masterson Company has 420,000 shares of $10 par value common stock outstanding.

During the year Masterson declared a 10% stock dividend when the market price of the stock was $36 per share. Three months later Masterson declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by a. $1,789,200 b. $1,512,000 c. $277,200 d. $264,000

Questions 103 and 104 are based on the following information.

Layne Corporation had the following information in its financial statements for the years ended 2012 and 2013:

Cash dividends for the year 2013 $ 8,000 Net income for the year ended 2013 83,000 Market price of stock, 12/31/12 10 Market price of stock, 12/31/13 12 Common stockholders’ equity, 12/31/12 1,600,000 Common stockholders’ equity, 12/31/13 1,800,000 Outstanding shares, 12/31/13 180,000 Preferred dividends for the year ended 2013 15,000

103. What is the payout ratio for Layne Corporation for the year ended 2013?

a. 27.7% b. 18.1% c. 11.8% d. 9.6%

104. What is the book value per share for Layne Corporation for the year ended 2013?

a. $10.00 b. $9.92 c. $9.44 d. $8.89

Stockholders’ Equity 15 - 25

105. At the beginning of 2013, Hamilton Company had retained earnings of $180,000. During

the year Hamilton reported net income of $75,000, sold treasury stock at a ―gain‖ of $27,000, declared a cash dividend of $45,000, and declared and issued a small stock dividend of 1,500 shares ($10 par value) when the fair value of the stock was $30 per share. The amount of retained earnings available for dividends at the end of 2013 was: a. $214,500. b. $192,000. c. $187,500. d. $165,000.

106. Mingenback Company has 560,000 shares of $10 par value common stock outstanding.

During the year Mingenback declared a 10% stock dividend when the market price of the stock was $48 per share. Two months later Mingenback declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by: a. $352,000. b. $369,600. c. $2,688,000. d. $3,057,600.

Questions 107 and 108 are based on the following information.

Sealy Corporation had the following information in its financial statements for the years ended 2012 and 2013:

Cash dividends for the year 2013 $ 5,000 Net income for the year ended 2013 78,000 Market price of stock, 12/31/12 10 Market price of stock, 12/31/13 12 Common stockholders’ equity, 12/31/12 1,000,000 Common stockholders’ equity, 12/31/13 1,200,000 Outstanding shares, 12/31/13 100,000 Preferred dividends for the year ended 2013 10,000

107. What is the rate of return on common stock equity for Sealy Corporation for the year

ended 2013? a. 7.1% b. 6.5% c. 6.2% d. 5.7%

108. What is the price-earnings ratio for Sealy Corporation for the year ended 2013?

a. 14.7 b. 15.4 c. 17.6 d. 19.0

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