Reference no: EM132604145
Question 1.) Singh, Inc. has 5,000, $8, noncumulative preferred shares issued at $100, and 20,000 common shares issued at $1, at December 31, 2021. There were no dividends declared in 2020. The board of directors declares and pays a $60,000 dividend in 2021. What is the amount of dividends received by the common shareholders in 2021?
a.) $0
b.) $60,000
c.) $20,000
d.) $40,000
Question 2.) Chan Inc. has a profit of $1,000,000 for 2021, and there are 400,000 common shares issued. Dividends declared and paid during the year amounted to $200,000 on the preferred shares and $300,000 on the common shares. The earnings per share for 2021 is
a.) $2.50.
b.) $2.00.
c.) $0.75.
d.) $1.25
Question 3.) Barker Inc. had cash sales of $300,000 and credit sales of $500,000. The accounts receivable balance increased $10,000 during the year. How much cash did Barker receive from its customers during the year?
a.) $510,000
b.) $810,000
c.) $490,000
d.) $790,000
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