Question 16. 16.If a corporation issues only one class of stock, it is called _______.(Points : 2) common stock treasury stock no-par stock preferred stock

Question 17. 17.The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacquired.

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What is the number of shares outstanding?(Points : 2) 5,000 100,000 60,000 55,000Question 18. 18.When are contingent liabilities required to be recorded?(Points : 2)

When the liability is probable

When the amount is reasonably estimable

When the liability becomes legally enforceable Both the liability must be probable and the amount must be reasonably estimable before the contingent liability is recorded

Question 19. 19.How is treasury stock shown on the balance sheet?(Points : 2) As an asset As a decrease in stockholders’ equity As an increase in stockholders’ equity Treasury stock is not shown on the balance sheet

Question 20.20.A corporation has 50,000 shares of $100 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be _______.(Points : 2) 200,000 shares 50,000 shares 250,000 shares 12,500 shares

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