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.