At the end of 2005,

At the end of 2005,

9) At the end of 2005, the Long Life Light Bulb Company announced it had produced a gross profit of $1 million.

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The company has also established that over the course of this year it has incurred $345,000 in operating

expenses and $125,000 in interest expenses. The company is subject to a 30% tax rate and has declared $57,000

total preferred stock dividends.

(a) How much is the earnings available for common stockholders?

(b) Compute the increased retained earnings for 2005 if the company were to declare a $4.25 common stock

dividend. The company has 15,000 shares of common stock outstanding.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

10) The two basic measures of liquidity are

A) inventory turnover and current ratio. B) current ratio and total asset turnover.

C) gross profit margin and ROE. D) current ratio and quick ratio.

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