Accounting

1. Ramos Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a

Answer

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credit to Gain on Sale of Treasury Stock for $14,000.

credit to Paid-in Capital from Treasury Stock for $4,000.

debit to Paid-in Capital in Excess of Par for $4,000.

credit to Treasury Stock for $18,000.

2. Each of the following decreases retained earnings except

Answer

cash dividend.

liquidating dividend.

stock dividend.

All of these decrease retained earnings.

3. Paid-In Capital in Excess of Stated Value

Answer

is credited when no-par stock does not have a stated value.

is reported as part of paid-in capital on the balance sheet.

represents the amount of legal capital.

normally has a debit balance.

4. A computer company has $2,800,000 in research and development costs. Before accounting for these costs, the net income of the company is $2,000,000. What is the amount of net income or loss after these R & D costs are accounted for?

Answer

$800,000 loss

$2,000,000 net income

$0

Cannot be determined from the information provided.

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