Question 48 (1 point) A company has outstanding 10 million shares of $2 par common stock and 1 million shares of $4 par preferred stock. The preferred stock has an 8% dividend rate. The board of directors declares $300,000 in total dividends for the year. Which of the following is correct if the preferred stockholders have a cumulative dividend preference? Preferred stockholders will receive $24,000 (or 8% of the total dividends); common stockholders will receive the remaining $276,000 (or $300,000 - $24,000). Preferred stockholders will receive the entire $300,000, but will receive nothing more in the future relating to this dividend declaration; common stockholders will receive nothing. Preferred stockholders will receive the entire $300,000 and they must also be paid $20,000 before the end of the current accounting period, common stockholders will receive nothing. Preferred stockholders will receive the entire $300,000 and they must also be paid the remaining $20,000 sometime in the future before common stockholders will receive any dividends. Question 49 (1 point) Donkey Inc. receives $10,000 in advance this month for work to be performed next MacBook Air $ 4 % 5 & 7 8 R T O Question 10 (1 point) During its first year of operations, company entered into the following transactions Borrowed $5,000 from the bank by signing a promissory note. Issued stock to owners for $10,000. Purchased $10,000 of supplies on account. Paid $9,000 to suppliers as payment on account for the supplies purchased. What is the amount of total liabilities at the end of the year? $5,600 $6,000 $16,000 $15,600 Question 11 (1 point) Saved During the first year of operations, a company sold $110,000 of goods to customer cash from customers. The remainder is owed to the company at the end of the year $75,000 in expenses for the year and paid $65,000 in cash for these expenses. The company at the end of the year. Based on this information, what is the amount of $30,000 $20,000 MacBook Air On January 1, 2016, Donkey Co. purchased equipment for $100,000. It has an estimated useful life of five years, and its residual value is $10,000. If it wes the double declining balance method, what is the amount of accumulated depreciation as of December 31, 2018? $78.400 $36,000 $40,000 $64,000 Question 14 (1 point) Donkey Inc. provides tax services on April 14th. They receive payment for their services on April 29. Which of the following is an appropriate journal entry for April 14th? Debit Accounts Receivable and credit Tax Preparation Revenue No journal entry is made until payment is received Debit Cash and credit Tax Revenue. Debit Unearned Revenue and credit Tax Preparation Revenue. MacBook Air 11 FE 888 74 FO F3 $ % & 7 8