The charter of a corporation provides for the issuance of 119,000 shares of common stock. Assume that 55,000 shares were originally issued and 13,900 were subsequently reacquired. What is the number of shares outstanding?

Select the correct answer.

A 119,000

B 13,900

C 41,100

D 55,000

A corporation purchases 7,304 shares of its own $4 par common stock for $16 per share, recording it at cost. What will be the effect on total stockholders’ equity?

Select the correct answer.

A increase by $116,864

B increase by $87,648

C decrease by $87,648

D decrease by $116,864

What is the total stockholders’ equity based on the following account balances?

Common Stock$375,000Paid-In Capital in Excess of Par90,000Retained Earnings190,000Treasury Stock15,000

A $670,000

B $565,000

C $655,000

D $640,000

The Dayton Corporation began the current year with a retained earnings balance of $17,674. During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $2,040 on equipment. Also, during the current year, the company earned net income of $10,136 and declared cash dividends of $5,836. Compute the year end retained earnings balance.

Select the correct answer.

A $19,934

B $17,674

C $21,974

D $35,686