Question 1(10 marks) Answer the following multiple choice questions with the most correct answer t

In 2020 Muller Ltd. earned gross revenues of $2,500,000 and had net income of $480,000. During 2020 the company had 200,000 common shares outstanding and its average shareholders' equity was $1,000,000. Muller's basic earnings per share for 2020 is O $2.50. O $2.40 O $12.50 O $0.48. Which of the following statements best describes a partnership? O separate legal entity O single owner O most expensive to establish O owners are responsible for debt of the company Which of the following statements best describes a corporation? O can be single or multiple owners O taxed separately O most expensive to establish O all of the above Financial Accounting is also referred to as O internal reporting. O management reporting. O external financial reporting. O all of the above. All of the following are external users except O labour unions. O management. O regulators. O journalists. represents an internal source of funding. O purchases on credit O positive retained earnings O dividends account O taking loans On the Statement of Cash Flows, the repayment of long-term obligations would be considered O a financing activity. O an investing activity. O an operating activity. O a reduction in a liability. A characteristic of an asset is O a resource controlled by an entity. O a future economic outflow. O an event that will happen in the future. O none of the above. Who determines how much of earnings will be paid as dividends? O management O board of directors O shareholders O regulators An example of an investing activity is O purchase of inventory O collections of amounts owed by customers. O purchase of shares of other companies. O payment of taxes