29 Jun 1. Occidental Produce C
Question
1. Occidental Produce Company has 40,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding. The common stock is $0.01 par value; the preferred stock is 4% non-cumulative, with $100 par value. On October 15, 2014, the company declares a total dividend payment of $40,000. What is the total amount of dividends that will be paid to the common shareholders? (Points : 1)
$40,000
$32,000
$ 400
$ 4,500
None of these is correct
2. Which of the following is a TRUE statement about a corporation? (Points : 1)
The owners of a corporation have co-ownership of the property of the corporation.
A corporation is not taxed on the corporation’s business income.
A corporation has a limited life.
The owners of a corporation have limited liability for the corporation’s debts.
3. The purchase of treasury stock requires a credit to the Common stock account. (Points : 1)
True
False
4. Which of the following is an advantage of preferred stock? (Points : 1)
Preferred shareholders are guaranteed that they will not take a loss on their investment.
Preferred shareholders have higher voting rights than common shareholders.
Preferred shareholders may sell their shares for a price higher than that of common stock.
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