ACG3113 TEST WITH
COMPLETE SOLUTION
Common Stock is classified as - Answer PIC - capital stock
Retained Earnings is classified as - Answer R/E
PIC excess of par - CS is classified as - Answer PIC - APIC
Treasury Stock is classified as - Answer Deducted from total PIC and R/E
PIC from treasury stock is classified as - Answer PIC - APIC
PIC in excess of stated value - CS is classified as - Answer PIC - APIC
Preferred Stock is classified as - Answer PIC - capital stock
Purchased 5000 treasury shares at $45 per share
I,D, or NE - Answer A: D
L: NE
SE: D
Paid-in capital: NE
RE: NE
NI: NE
Resold 2000 of the treasury shares at $49 per share
I,D, or NE - Answer A: I
L: NE
SE: I
Paid-in capital: I
RE: NE
NI: NE
Resold 500 of the treasury shares at $40 per share
I,D, or NE - Answer A: I
L: NE
, SE: I
Paid-in capital: D
RE: NE
NI: NE
Recorded accrued interest earned on a note receivable
I,D, or NE - Answer A: I
L: NE
SE: I
Paid-in capital: NE
RE: I
NI: I
Declared a cash dividend
I,D, or NE - Answer A: NE
L: I
SE: D
Paid-in capital: NE
RE: D
NI: NE
Declared and distributed a stock split
I,D, or NE - Answer A: NE
L: NE
SE: NE
Paid-in capital: NE
RE: NE
NI: NE
Approved a retained earnings restriction
I,D, or NE - Answer A: NE
COMPLETE SOLUTION
Common Stock is classified as - Answer PIC - capital stock
Retained Earnings is classified as - Answer R/E
PIC excess of par - CS is classified as - Answer PIC - APIC
Treasury Stock is classified as - Answer Deducted from total PIC and R/E
PIC from treasury stock is classified as - Answer PIC - APIC
PIC in excess of stated value - CS is classified as - Answer PIC - APIC
Preferred Stock is classified as - Answer PIC - capital stock
Purchased 5000 treasury shares at $45 per share
I,D, or NE - Answer A: D
L: NE
SE: D
Paid-in capital: NE
RE: NE
NI: NE
Resold 2000 of the treasury shares at $49 per share
I,D, or NE - Answer A: I
L: NE
SE: I
Paid-in capital: I
RE: NE
NI: NE
Resold 500 of the treasury shares at $40 per share
I,D, or NE - Answer A: I
L: NE
, SE: I
Paid-in capital: D
RE: NE
NI: NE
Recorded accrued interest earned on a note receivable
I,D, or NE - Answer A: I
L: NE
SE: I
Paid-in capital: NE
RE: I
NI: I
Declared a cash dividend
I,D, or NE - Answer A: NE
L: I
SE: D
Paid-in capital: NE
RE: D
NI: NE
Declared and distributed a stock split
I,D, or NE - Answer A: NE
L: NE
SE: NE
Paid-in capital: NE
RE: NE
NI: NE
Approved a retained earnings restriction
I,D, or NE - Answer A: NE
