221. ABC issues 1,000 shares of 6%, $100 par value preferred stock at the beginning of 2017. All remaining shares are common stock. The company was not able to pay dividends in 2017, but plans to pay dividends of $18,000 in 2018. Assuming the preferred stock is noncumulative, how much of the $18,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2018?
     1. $9,000 to preferred stockholders and $9,000 to common stockholders.
     2. $12,000 to preferred stockholders and $6,000 to common stockholders.
     3. $6,000 to preferred stockholders and $12,000 to common stockholders.
     4. $18,000 to preferred stockholders and $0 to common stockholders.

Net sales	$2,800
Cost of goods sold	1,680
Operating expenses	880
Ending inventories	820

247) What is the gross profit ratio?

A) 40%. B) 5%. C) 80%. D) 49%.

248. On December 1, 2018, ABC signed a $300,000, 5%, six-month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2019. ABC should record which of the following adjusting entries at December 31, 2018?
     1. Debit Interest Expense and credit Interest Payable, $1,250.
     2. Debit Interest Expense and credit Cash, $1,250.
     3. Debit Interest Expense and credit Interest Payable, $7,500.
     4. Debit Interest Expense and credit Cash, $7,500.

249. Which statement is true
     1. The accounting for a Defined Benefit Pension Plan usually requires an actuary.
     2. The accounting for an Operating Lease usually requires an actuary
     3. The accounting for a Defined contribution pension Plan usually requires an actuary
     4. The accounting for a Capital (Financing) Lease usually requires an actuary

Accounts Payable	$4,400
Salaries Expense	12,800
Cash	1,700
Common Stock	2,400
Service Revenue	8,300
Supplies	4,300
Retained Earnings	1,100
Utilities Expense	5,000

250) How many of these accounts would appear in a year-end income statement?

A) Three. B) Four. C) Five. D) Two.