Question Details

The entry to record the transaction 



1.	CCCR Inc., has 2,000 shares of 6%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2013, and December 31, 2014. The board of directors declared and paid a $4,000 dividend in 2013. In 2014, $24,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2014?
a.	$16,000
b.	$12,000
c.	$8,000
d.	$6,000


	2.	On January 1, Sly Corporation had 120,000 shares of $10 par value common stock outstanding.  On March 17, the company declared a 15% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The entry to record the transaction of March 17 would include a
a.	credit to Stock Dividends for $54,000.
b.	credit to Cash for $234,000.
c.	credit to Common Stock Dividends Distributable for $180,000.
d.	debit to Common Stock Dividends Distributable for $180,000.


	3.	On January 1, Sly Corporation had 120,000 shares of $10 par value common stock outstanding.  On March 17, the company declared a 18% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a
a.	credit to Cash for $216,000.
b.	debit to Common Stock Dividends Distributable for $216,000.
c.	credit to Paid-in Capital in Excess of Par for $64,800.
d.	debit to Stock Dividends for $64,800.


	4.	On January 1, Layline Corporation had 160,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The entry to record the transaction of June 17 would include a
a.	debit to Stock Dividends for $360,000.
b.	credit to Cash for $360,000.
c.	credit to Common Stock Dividends Distributable for $360,000.
d.	credit to Common Stock Dividends Distributable for $120,000.


	5.	On January 1, Layline Corporation had 160,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a
a.	credit to Common Stock for $240,000.
b.	debit to Common Stock Dividends Distributable for $360,000.
c.	credit to Paid-in Capital in Excess of Par for $120,000.
d.	debit to Stock Dividends for $120,000.




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