Name: 26. The date e on which a cash dividend becomes a binding legal obligation is on the a. date of record. b. declaration date. c. last day of the fiscal year end. d. payment date 27. Using this data, answer the following questions; Sales, $905,000; cost of merchandise sold, $540,000; administrative expenses, $10,000; interest e S20,000; rent revenue, $25,000; selling expenses, $90,000. How much is net income? a. 235,000 c. 365,000 d. 365,000 b. 270,000 28. The classified balance sheet will have liabilities divided into the following subsections Current Liabilities and Long-Term Liabilities b. a. Current Liabilities and Other Liabilities c. Other Liabilities and Long-Term Liabilities d. Present Liabilities and Tomorrow's Liabilities Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets Inventory Long-term investments Long-term liabilities Marketable securities Notes payable (short-term) Property, plant, and equipment Prepaid expenses S 30,000 65,000 7,000 20,000 40,000 72,000 100,000 75,000 36,000 20,000 625,000 2,000 Based on the above data, what is the amount of working capital? a. $64,000 b. $138,000 c $238,000 d. $178,000 29. 30. Based on the above data, what is the quick ratio, rounded to one decimal point? a. 21 b. 15 c. 3.4 d. 24