ACC 557 TUTOR Great Stories /acc557tutor.com ACC 557 TUTOR Great Stories /acc557tutor.com | Page 60

Land 540,000 Preferred Stock 500,000 Paid-in Capital Excess of Par-Preferred 40,000 Land 500,000 Preferred Stock 500,000 Land 600,000 Preferred Stock 500,000 Paid-in Capital in Excess of Par-Preferred 100,000 2- Multiple Choice Question 181 Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2013. There were no dividends declared in 2012. The board of directors declares and pays a $120,000 dividend in 2013. What is the amount of dividends received by the common stockholders in 2013? $0 $50,000 $70,000 $20,000 3- Multiple Choice Question 201 A net loss occurs if operating expenses exceed cost of goods sold.