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Electric, Inc. was incorporated on January 1, 2016. Electric issued 4,000 shares of common stock and 1,200 shares of preferred stock on that date. The preferred stock is cumulative, $100 par, with an 12% dividend rate. Electric has not paid any dividends yet. In 2019, Electric had its first profitable year, and on November 1, 2019, Electric declared a total dividend of $63,000. What is the total amount that will be paid to preferred shareholders?  

Regarding the direct and indirect methods of preparing the statement of cash flows, which of the following statements is true? 

A corporation has 14,000 shares of 13%, $104 par noncumulative preferred stock outstanding and 22,000 shares of $1 par common stock outstanding. At the end of the current year, the corporation declares a dividend of $220,000. What amount of dividends will be paid to preferred stockholders and what amount will be paid to common stockholders?

Mid-Town Auto Parts Company uses the direct method to prepare its statement of cash flows. Refer to the following information reported for 2019:   Interest Expense, $250,000 Interest Payable, beginning balance, $80,000 Interest Payable, ending balance, $60,000   Compute the interest paid by Mid-Town during 2019. 

Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Sales Revenue $249,000   Interest Revenue 2,300   Gain on Sale of Plant Assets 5,300   Total Revenues and Gains   $256,600 Cost of Goods Sold 124,000   Salary Expense 43,000   Depreciation Expense 14,000   Other Operating Expenses 20,000   Interest Expense 1,600   Income Tax Expense 5,100   Total Expenses   207,700 Net Income (Loss)   $48,900 Additional information provided by the company includes the following: Current assets, other than cash, increased by $21,000. Current liabilities decreased by $1200.   Compute the net cash provided by (used for) operating activities.

Preferred stock is stock ________. 

Reunion Corporation provides the following information.      March 31, 2018    March 31, 2019 Net Income $358,000 $425,500 Preferred Dividends 0 0 Total Stockholders’ Equity $4,380,000 $5,132,000 Stockholders’ Equity attributable to Preferred Stock 0 0 Number of Common Shares Outstanding 294,464 195,168 Based on the information provided above, compute the earnings per share of Reunion Corporation as of March 31, 2019. 

Which of the following is a cash outflow for a financing activity on the statement of cash flows? 

The ________ section of the statement of cash flows includes increases and decreases in long-term assets. 

Assume the following information for Western Sales, Inc.:   Common Stock, $1.00 par, 232,000 shares issued, 185,000 shares outstanding Paid-In Capital in Excess of Par—Common: $1,690,000 Retained Earnings: $2,460,000 Treasury Stock: 47,000 shares purchased at $17 per share   If Western Sales purchases an additional 8,000 shares of treasury stock at $20 per share, what number of shares will be shown as issued and outstanding?