Any future amount can be converted to a present value equivalent. True or False True False What type of preferred share is entitled to dividends above its specified dividend if the common shares receive excess dividends and must receive dividends in arrears before the common dividends can be declared? Multiple Choice Convertible and participating Redeemable and cumulative Cumulative and participating Redeemable and participating The statement of financial position of Warner Company showed the following data about its common shares: authorized shares, 100,000; outstanding shares, 55,000; and issued shares 60,000. What was the number of treasury shares? Multiple Choice 30,000 5,000 45,000 40,000 A cash register tape shows cash sales of $2,000 and provincial sales tax (PST) of $120. The journal entry to record this information is Multiple Choice Please see the following information: Cash O Sales PST Payable Please see the following information: Cash PST receivable Sales Please see the following information: 2,120 2,000 120 2,000 120 2,120 The times interest earned ratio is calculated by dividing Multiple Choice net earnings by interest expense. net earnings before interest expense by interest expense. net earnings before income taxes by interest expense Saved net earnings before interest expense and income taxes by interest expense. Help Cosby Inc. has 10,000, $5, cumulative preferred shares at December 31, 20X4. If the board of directors declares a $40,000 annual dividend in 20X4, Multiple Choice the company still has to pay the preferred shareholders $50,000, regardless of what amount was declared. the company will owe the preferred shareholders nothing further. the $10,000 will be disclosed as dividends in arrears in the notes to the financial statements. the company will still owe the preferred shareholders $10,000 and should record a dividend payable in this amount