Reference no: EM132870492
Questions-
Q1. Parkway Corporation has $200,000 of 6%, preferred stock outstanding which carries a cumulative dividend preference. Parkway also has 10,000 shares of $1 par value common stock outstanding. In the company's first year of operations, no dividends were paid. During the second year, Parkway paid cash dividends of $18,000. The dividend should be distributed as follows:
A. $12,000 preferred; $6,000 common.
B. $8,000 preferred; $10,000 common.
C. $0 preferred; $18,000 common.
D. $18,000 preferred; $0 common.
Q2. A company had a beginning balance in retained earnings of $65,000. Net income for the current year was $122,000 and cash dividends of $8,500 were paid. The ending balance in retained earnings equals:
A. $113,500.
B. $178,500.
C. $ (48,500).
D. $187,000.
Q3. A corporation issued 50,000 shares of its $1 par value common stock in exchange for land with a market value of $64,000. The entry to record this transaction would include a:
A. Credit to Additional paid-in capital for $14,000.
B. Credit to common stock for $64,000.
C. Debit to land for $50,000.
D. Debit to common stock for $50,000.
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