Question

Just the answers are fine

A corporation purchased 2,000 shares of its own stock for $12 per share. The 2,000 shares were later reissued for $14 per share. The journal entry to record the reissuance includes

		a credit to gain for $4,000
		a credit to paid-in-capital, treasury stock for $4,000
		a debit to paid-in-capital, treasury stock for $4,000
		a debit to gain for $4,000

2. Job order costing would not be appropriate for which of the following types of businesses?

		coca-cola maker
		Cannot be determined based on the information provided
		both of the given choices
		custom furniture maker

3. A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's

		cost of goods purchased
		cost of goods available
		beginning merchandise inventory
		cost of goods sold

4.

Last year, Smith Company made 20,000 units of its only product. Production is expected to increase by 15% in the current year because more products are produced. The impact on unit variable cost and unit fixed cost in the current year will be what compared to last year?

		unit variable cost increases, and unit fixed cost decreases
		unit variable cost remains constant, and unit fixed cost decreases
		unit variable cost remains constant, and unit fixed cost increases
		unit variable cost decreases, and unit fixed cost remains constant

5. A corporation issued 20,000 shares of $5 par value 6% cumulative preferred stock, and 10,000 shares of $10 par value common stock, when the corporation was formed two years ago. No dividend was declared or paid last year. This year the corporation has $40,000 available for dividends. How much should each share of common stock receive?

		$2.80
		zero
		$4.00
		$3.40

Answer 1

ans 1)	a credit to paid in capital , treasury stock for $4,000
	Cash			28000
	treasury stock				24000
	paid in capital , treasury stock				4000
ans 2)	Coca cola maker
	for mass production we use process costing
Ans 3)	cost of goods sold
ans 4)	unit variable cost remains constant and unit fixed cost
	decreases
ans 5)	2.8 per share
	dividend on preferred
	(20000*5*6%)
	6000
	total dividend including arrears 6000*2=				12000
	dividend to common stock				28000
	dividend per share 28000/10000