Par (as it relates to common stock) means: no discount or premium it has no meaning the value of the common stock in the stock market an arbitrary dollar amount assigned to each share of stock none of these are correct
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- Payment in advance refers to the Select one: a. None of the options b. Liabilities c. Long term stocks d. Equity share capital e. AssetsStated value stock is no-par stock that is assigned a “stated” value per share. True or False?Which of the following methods should be used to account for the conversion of preferred stock to common stock? Book Value Market Value I. Yes No II. Yes Yes III. No Yes IV. No No III IV I II
- When a limited liability company is formed, a. the partnership activities are limited 9 b. all partners have limited liability C. some of the partners have limited liability O d. none of the partners has limited liabilityWhy is this statement false. Small stock dividends are accounted for at the stock's par value.How does a 2: 1 stock split (stock-split-up) affect the following two items? Par Value per Share Retained Earnings Select one: to. Increase Has no effect b. Decrease Decrease c. Decrease Has no effect d. Has no effect Has no effect
- When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, what account(s) should be debited?Required to answer. Single choice. a. Treasury stock for the par value and retained earnings for the excess of the purchase price over the par value b. Treasury stock for the purchase price c. Treasury stock for the par value and paid-in capital in excess of par for the excess of the purchase price over the par value d. Paid-in capital in excess of par for the purchase pricehen treasury stock is sold for less than its cost, the entry should include a debit toa. Gain on Sale of Treasury Stock.b. Loss on Sale of Treasury Stock.c. Retained Earnings.d. Paid-in Capital in Excess of ParWhen common stock is issued at an amount greater than par value, the difference between the par value and the proceeds from the sale is recorded by crediting the common stock account O debiting an additional paid-in capital account O crediting the retained earnings account O crediting an additional paid-in capital account O
- Which statement is true? a. Stock must have either a par or stated value b. If nominal, par value does not need to be disclosed on the balance sheet c. In most states, stock may issued at more or less than par value d. Par value does not suggest current fair valueIf the market value and the intrinsic value of a stock differ; O a. the stock sells for its fair value O b. the stock sells for its equilibrium value O c. the stock is mispriced O d. the stock is fairly pricedWhich of the following statements is false? a. the common stock account has a credit balance. b. the additional paid-in capital account has a credit balance. c. common stock may be issued for more than par value. d. the par value of common stock represents the stock's market value.