On June 30, 2017, Rangers, Inc

question 144

Multiple Choice

On June 30, 2017, Rangers, Inc. showed the following data on the equity section of their balance sheet: On July 1, 2017, the company declared and distributed a 12% stock dividend. The market value of the stock at that time was $22 per share. Following this transaction, what is the number of shares issued?

• A) 119,640
• B) 342,600
• C) 178,080
• D) 159,000

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Definitions:

Minor Defects

Small flaws or imperfections that do not significantly impair an item's use or value.

Exemption Clause

A provision within a contract that limits or exempts a party's liability under certain conditions.

Faulty Steering Mechanism

A defect in a vehicle's steering system that can lead to loss of control, potentially causing accidents or injuries.

Merchantable Quality

A standard for goods being sold under a contract, ensuring they are of sufficient quality to be sold for their ordinary purpose.