financial summary of the firm’s operating results during a specified period.
6) The ________ provides a financial summary of the firm’s operating results during a specified
A) statement of cash flows B) balance sheet
C) income statement D) statement of retained earnings
7) Earnings available to common shareholders are defined as net profits
A) before taxes. B) after taxes minus common dividends.
C) after taxes. D) after taxes minus preferred dividends.
8) A firm had the following accounts and financial data for 2005.
Sales Revenue $3,060 Cost of goods sold $1,800
Accounts Receivable 500 Preferred stock dividends 18
Interest expense 126 Tax rate 40%
Total oper. expenses 600 Number of shares of common 1,000
Accounts payable 240 stocks outstanding
The firm’s earnings available to common shareholders for 2005 were ________.
A) $302.40 B) $516.60 C) $195.40 D) -$224.25
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