111.How is treasury stock shown on the balance sheet?
a.as an asset
b.as a decrease in stockholders' equity
c.as an increase in stockholders' equity
d.treasury stock is not shown on the balance sheet
112.The excess of sales price of treasury stock over its cost should be credited to
a.Treasury Stock Receivable
b.Premium on Capital Stock
c.Paid-In Capital from Sale of Treasury Stock
d.Income from Sale of Treasury Stock
113.Treasury stock that was purchased for $3,000 is sold for $3,500. As a result of these two transactions combined
a.income will be increased by $500
b.stockholders' equity will be increased by $3,500
c.stockholders' equity will be increased by $500
d.stockholders' equity will not change
114.Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500. The journalentry to record the reissuance would include a credit to
a.Treasury Stock for $8,500
b.Paid-In Capital from Sale of Treasury Stock for $8,500
c.PaidIn Capital in Excess of Par—Common Stock for $2,900
d.Paid-In Capital from Sale of Treasury Stock for $2,900
115.A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of theshares at $20. What is the amount of revenue realized from the sale?
a.$0
b. $5,000
c. $2,500
d. $10,000
116.A corporation purchases 10,000 shares of its own $10 par common stock for $35 per share, recording it at cost.What will be the effect on total stockholders' equity?
a.increase by $100,000
b.increase by $350,000
c.decrease by $100,000
d.decrease by $350,000
117.What is the total stockholders' equity based on the following account balances?
Common Stock$375,000
Paid-In Capital in Excess of Par90,000
Retained Earnings190,000
Treasury Stock15,000
a. $670,000
b. $655,000
c. $640,000
d. $565,000
118.In which section of the financial statements would PaidIn Capital from Sale of Treasury Stock be reported?
a.other expense on income statement
b.intangible asset on the balance sheet
c.stockholders' equity on balance sheet
d.other income on income statement
119.Which of the following is
notclassified as paid-in capital on the balance sheet?
a.common stock
b.common stock distributable
c.excess of issue price over par
d.treasury stock
120.All of the following are normally found in a corporation's stockholders' equity section
except
a.Common Stock
b.Paid-In Capital in Excess of Par
c.Dividends in Arrears
d.Retained Earnings