acct 221 494357

Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder Chapters 13 & 14 1. Becker Company is a publicly held corporation whose $1 par value stock is actively traded at $20 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $50,000. When recording this transaction, Becker Company will a. debit Land for $50,000. b. credit Common Stock for $40,000. c. credit Paid-In Capital in Excess of Par Value for $48,000. d. debit Land for $40,000. 2. The acquisition of treasury stock by a corporation a. decreases its total assets and total stockholders’ equity. b. has no e?ect on total assets and total stockholders’ equity. c. requires that a gain or loss be recognized on the income statement. d. increases its total assets and total stockholders’ equity. 3. Dividends in arrears on cumulative preferred stock a. are considered to be a non-current liability. b. are considered to be a current liability. c. should be disclosed in the notes to the ?nancial statements. d. only occur when preferred dividends have been declared. 4. On January 2, 2010, Riley Corporation issued 20,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2013, Riley Corporation declared and paid its ?rst dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders? a. $0 b. $120,000 c. $360,000 d. $480,000 5. Stock dividends and stock splits have the following e?ects on retained earnings: Stock Splits Stock Dividends a. Increase No change b. Decrease Decrease c. No change No change d. No change Decrease 6. Indicate the respective e?ects of the declaration of a cash dividend on the following balance sheet sections: Total Assets Total Liabilities Total Stockholders’ Equity a. Increase Decrease No change b. No change …