financial summary of the firm’s operating results during a specified period.

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

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period.

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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