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15 Cards in this Set

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Characteristics of corporations
Limited liability, buy and sell shares, owns property, cash dividend
At what amount would the stock and land be recorded in 'Land for stock'?
Fair market value
What accounts in Stockholder's Equity?
Common stock, Paid In Capital, Retained Earnings, and subtract Treasury Stock
What does a stock spilt do to par?
Reduces par
Figure cash dividend (with issued and reacquired shares)
Issued (sold) - Reacquired (treasury stock) = Outstanding (dividend)
Balance of Deficit in Retained Earnings will be a debit or credit?
Credit
Characteristics of partnerships
Limited life, unlimited liability, co-ownership of partnership property, mutual agency(words the same as partner's)
Advantages of partnership
Easy & inexpensive to organize. Brings together more capital, managerial skills, and experience. Lower income taxes.
Divide net income among partners
Net income less than the total allowances. Remaining balance will be negative. Amount must be divided among the partners as it were a net loss.
Admit partner by purchase of interest- effect on total accounts
Will not effect total accounts, only name change.
Admit partner by contribution of assets- effect on total accounts
Will effect money into it.
How is cash divided upon liquidation?
Capital balances
Realized gain/loss divided among partners by?
Income sharing ratios
Where are deferred income taxes reported?
Long term or current liabilities
Where are cumulative effects reported?
Balance sheet