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A company had a beginning balance in retained earnings of $44,500. It had net income of $7,500 and paid out cash dividends of $6,000 in the current period. The ending balance in retained earnings equals:

$13,500.

$6,000.

$58,000.

$46,000.

$43,000.
Shamrock Company had net income of $37,380. The weighted-average common shares outstanding were 8,900. The company sold 3,900 shares before the end of the year. There were no other stock transactions. The company's earnings per share is:

$2.92.

$9.58.

$4.20.

$7.48.

$5.36.
Shamrock Company had net income of $36,520. The weighted-average common shares outstanding were 8,800. The company declared a $3,500 dividend on its noncumulative, nonparticipating preferred stock. There …show more content…

The total amount of paid-in capital in excess of par is:

$100.

$1,100.

$2,000.

$11,000.

$13,000.
A company's board of directors votes to declare a cash dividend of $1.10 per share. The company has 22,000 shares authorized, 17,000 issued, and 16,500 shares outstanding. The total amount of the cash dividend is:

$18,150.

$24,200.

$23,200.

$36,850.

$18,700.
$1.10 × 16,500 shares = $18,150
A corporation declared and issued a 15% stock dividend on November 1. The following information was available immediately prior to the dividend:

Retained earnings
$700,000
Shares issued and outstanding
55,000
Market value per share
$20
Par value per share
$5

The amount that contributed capital will increase (decrease) as a result of recording this stock dividend is:

$(41,250).

$165,000.

$(165,000).

$0.

$41,250.
55,000 shares × 0.15 = 8,250 shares × $20 = $165,000
A corporation had 40,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $24. The entry to record this dividend is:

Debit Retained Earnings $80,000; credit Common Stock Dividend Distributable $80,000.

No entry is made until the stock is issued.

Debit Retained Earnings $96,000; credit Common Stock Dividend Distributable $80,000; credit Paid-In Capital in Excess of Par Value, Common Stock $16,000.

Debit Retained

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