ans please

QUESTION 21 If a corporation issues cumulative, participating preferred stock, which of the following is true regarding the rights of the preferred stockholders? They must forego dividends for any periods when no dividends are declared. They will share in the dividends that exceed a specified amount. They will received a fixed dividend regardless of the amount of dividends declared. They will have an option to convert their shares to common stock at a specified date. QUESTION 22 Form 10-K for a public company is required to include the following financial statements for the most recent period of time including: Income Statements and Statement of Cash Flow 2 years 2 years 3 years 3 years Balance Sheets 3 years 2 years 3 years 2 years QUESTION 24 Rapid Sign Corporation Selected data from the financial statements are presented below: 2015 Net income Cash dividends paid on common stock Average number of common shares outstanding Treasury Stock Market price per share of common stock at year-end $110,000 42,000 140,000 70,000 16.00 2014 $123,000 38,000 145,000 13.00 Refer to Rapid Sign Corporation. What is the stock repurchase payout ratio for 2015? 63.8% 51.7% 35.196 0 QUESTION 28 Medstar Ambulance Service Information from the company's financial records is presented below: Notes payable, December 31, 2013 Notes payable, December 31, 2014 LOSS on Note retirement-2014 Interest expense on bonds--2014 $1,000,000 1,200,000 45,000 75,000 At the end of 2014, the company issued notes at par value for $1,200,000 cash. The proceeds were used to retire the $1,000,000 note issue outstanding at the end of 2013 (before their maturity date). All interest expense was paid in cash during 2014 Refer to Medstar Ambulance Service. How much was paid to retire the $1,000,000 note issue during 2014? $ 800,000 51,200,000 $1,045,000 $1,075,000 QUESTION 25 The quick ratio o is generally larger than the current ratio. decreases when a company's assets becomes more liquid. increases when a company has more cash sales than credit sales. is larger when a company's assets are more liquid. QUESTION 29 An appropriation of retained earnings is best described as a(n) reserve established for a specific business purpose. allowance for future treasury stock transactions. allowance for future preferred stock redemptions. reserve for possible declines in the market value of the corporation's capital stock. QUESTION 31 Metalcrafts Inc. Selected information from the company's financial records is presented below: $300,000 Equipment, December 31, 2013 Equipment, December 31, 2014 Accumulated depreciation, December 31, 2013 Accumulated depreciation, December 31, 2014 400,000 80,000 60,000 During 2014, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. Refer to Metalcrafts, Inc. Assume that all purchases of equipment were paid with cash. How much cash was paid to purchase equipment during 2014? $50,000 $200,000 $150.000 $250,000 QUESTION 33 Which of the following statements is true regarding the relationship of the current ratio and the acid test ratio? The current ratio is based on a more conservative measure of liquidity. Both ratios focus on the relationship between all or part of a company's current assets and all of its current liabilities Both ratios focus on the relationship between all of a company's current assets and all or part of its current liabilities. For a company which carries no inventories, the current ratio and acid test ratio will be significantly different