Chapter 15 – Multiple Choice
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Oakwood Furniture Corporation had 100,000 shares of common stock outstanding on January 1. An additional 50,000 shares were issued on July 1, and 25,000 shares were reacquired on September 1. What was the weighted-average number of shares outstanding during the year?CorrectIncorrect
Sparks Corporation had 15,000 shares of common stock outstanding on January 1, and issued an additional 5,000 shares on June 1. There was no preferred stock outstanding. The corporation reports net income of $200,000. How much is basic earnings per share (to the nearest cent) for the calendar year?CorrectIncorrect
Sparks Corporation had 15,000 shares of common stock outstanding on January 1, and issued an additional 5,000 shares on June 1. There was preferred stock outstanding, and dividends on the preferred stock amounted to $20,000. The corporation reports net income of $200,000. The preferred stock is not convertible. How much is basic earnings per share (to the nearest cent) for the calendar year?CorrectIncorrect
If a corporation has total stockholders’ equity of $1,000,000, 100,000 shares of common stock outstanding, and 1,000 shares of $100 par value preferred stock outstanding, how much is book value per common share? Assume that the preferred stock is callable at $110 and dividends of $4,000 on preferred stock are due.CorrectIncorrect
Darland Corporation (USA) purchased goods on account for 1,000 Swiss francs. On the date of purchase, the spot rate for the Swiss franc was $0.70. By the time the corporation settled its obligation, the spot rate had fallen to $0.65 per Swiss franc. How much was the foreign currency exchange gain or loss?CorrectIncorrect