table 14 2 following is the shareholders 39 equity section of the balance sheet of t 4305917

table 14 2 following is the shareholders 39 equity section of the balance sheet of t 4305917

 

Table 14-2

Following is the shareholders' equity section of the balance sheet of Thomson Corporation:

Contributed capital

Preferred shares, $8, cumulative,  25,000 shares 

authorized, 5,000 shares issued$    516,000

Common shares, 100,000 shares authorized, 40,000       320,000

 shares issued

Total contributed capital836,000

Retained earnings      290,000

Total shareholders' equity$1,126,000

The preferred shares are currently selling for $102.25 per share and the common shares are currently selling for $11.50 per share.

56) Refer to Table 14-2. The entry to record the declaration of a 10% common stock dividend includes a:

A) debit to retained earnings for $46,000

B) credit to common shares for $51,125

C) debit to common stock dividend distributable for $46,000

D) credit to retained earnings for $46,000

57) Refer to Table 14-2. The total contributed capital after the declaration of a 10% common stock dividend is:

A) $862,000

B) $856,000

C) $836,000

D) $882,000

58) Refer to Table 14-2. The entry to record the distribution of a 10% common stock dividend includes a:

A) debit to dividends payable for $46,000

B) credit to common shares for $46,000

C) debit to retained earnings for $46,000

D) credit to cash for $46,000

59) Refer to Table 14-2. The total shareholders' equity after the distribution of a 10% common stock dividend is:

A) $1,152,000

B) $1,146,000

C) $1,126,000

D) $1,172,000

60) Refer to Table 14-2. The balance in the common shares account after the declaration of a 10% common stock dividend is:

A) $320,000

B) $836,000

C) $290,000

D) $366,000

61) Refer to Table 14-2. The number of common shares issued after the declaration of a 10% common stock dividend is:

A) 44,000

B) 40,000

C) 100,000

D) 104,000

62) Refer to Table 14-2. The entry to record the declaration of a 60% common stock dividend when the shares have a current market price of $15 per share includes a:

A) debit to retained earnings for $360,000

B) credit to common shares for $360,000

C) debit to common stock dividend distributable for $360,000

D) debit to common shares for $240,000

63) Refer to Table 14-2. The total contributed capital after the distribution of a 60% common stock dividend is:

A) $290,000

B) $1,196,000

C) $1,126,000

D) $836,000

64) Refer to Table 14-2. The entry to record the distribution of a 60% common stock dividend when the shares have a current market price of $15 per share includes a:

A) debit to preferred dividends payable for $360,000

B) credit to common stock dividend distributable for $360,000

C) debit to retained earnings for $360,000

D) credit to common shares for $360,000

65) Refer to Table 14-2. The total shareholders' equity after the distribution of a 60% common stock dividend is:

A) $1,196,000

B) $1,246,000

C) $1,126,000

D) $836,000

66) Refer to Table 14-2. The balance in the common shares account after the distribution of a 60% common stock dividend is:

A) $516,000

B) $680,000

C) $320,000

D) $836,000

67) Refer to Table 14-2. The number of common shares issued after the distribution of a 60% common stock dividend is:

A) 124,000

B) 64,000

C) 40,000

D) 100,000

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