Question

1) On January 1, Crane Corporation had 64000 shares of $10 par value common stock outstanding....

1) On January 1, Crane Corporation had 64000 shares of $10 par value common stock outstanding. On March 17, the company declared a 10% stock dividend to stockholders of record on March 20. Market value of the stock was $12 on March 17. The entry to record the transaction of March 17 would include a

Credit to common stock dividends distributasble for 64000

Debit to common stock dividends distributable for 64000

Credit to cash for 76800

Credit to stock dividends for 12800

2) Sheridan Inc., has 1100 shares of 6%, $50 par value, cumulative preferred stock and 50360 shares of $1 par value common stock outstanding at December 31, 2016, and December 31, 2017. The board of directors declared and paid a $2900 dividend in 2016. In 2017, $10800 of dividends are declared and paid. What are the dividends received by the common stockholders in 2017?

6200

7100

4200

3300

3) Corporations report which of the following in a separate section of the income statement?

Other revenues and gains

Cost of goods sold

Income tax expense

Gross profit

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