42 Torino Company has 2,400 shares of $10 par value, 4.5% cumulative and nonparticipating preferred stock and 24,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is 2013413 Multiple Choice $1600 $580 $1000 O O O $2300 $500 41 In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: Net income for the year vas Accounts payable increased by $56,000 22,000 2 Accounts receivable decreased by 33,000. Inventories decreased by 9,000 Cash dividends paid vere 18,000. Depreciation expense vas 28,000 Net cash provided by operating activities was Multiple Choice $130.000 $32.000 $400 40 The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 2 Retained earnings balance at the beginning of the year $131,000 Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year 51,000 86,000 8,000 23,000 26,000 97,000 What is the ending balance for retained earnings? Mutiple Choce SYB4000 $177,000 39 A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? 013345 Cash Accounts receivable Unadjusted Trial Balance Adjustments Debit Credit Debit Credit 2,095 1,120 995 Prepaid insurance 1,720 770 Supplies 450 235 Equipment 8,440 Accumulated depreciation-equipment 840 310 Accounts payable 1,260. Retained earnings 9,830 Dividends 1,170 Fees earned 7,370 995 Bent expense 1,420 Salaries expense Utilities expense Insurance expense Supplies expense 2.420 465 770 235 Depreciation expense-equipment Totals 19,300 19,300 2,310 2,310 310 Mute Choce 38 A company pays each of its two office employees each Friday at the rate of $230 per day for a five-day week that begins on Monday, If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: 012336 Multiple Choice Debit Salaries Expense $320 and credit Salaries Payable $920. Debi Sa Payable $920 and credit Salaries Expense $920. Debit Salaries Expeme $1.380 and credit Saiores Payat $380 Det Sales Expose $320 and credit Cash $920 Deti Ungeld Salaries $1,300 and credit Stars Popatre $1,380 37 20332 Given the following information, determine the cost of the inventory at June 30 using the perpetual LIFO inventory method. June 1 Beginning inventory 14 units at $20 each June 15 Sale of 6 units for $50 each June 29 Purchase 6 units at $25 each The cost of the ending inventory is: Multiple Choice $120 O $310 1280