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At the beginning of the current year, Elite Corporation had 300,000 shares of $1 par common stock outstanding and had retained earnings of $5,800,000. During

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At the beginning of the current year, Elite Corporation had 300,000 shares of $1 par common stock outstanding and had retained earnings of $5,800,000. During the year, the company earned $1,775,000, declared a 10% stock dividend when the price of stock was $26 per share, and paid a year-end cash dividend of $2 per share. (The cash dividend was paid after the stock dividend had been distributed.) What was Elite Corporation's retained earnings at the end of the year? os Multiple Choice $4,360,000 56795.000 $6135.000 $6,213,000 Help Save & Exit On November 1 of the current year, Garcia Company borrowed $108,000 by Issuing a 7%, six-month note payable, all due at maturity date. Interest expense on this note to be recognized during the current year amounts to: 3:52 Multiple Choice O $2,520 $7,560 $1080 $1260 Which of the following would have no effect on Retained Earnings? Multiple Choice Declaration of a stock split A prior period adjustment Declaration of a cash dividend Declaration of a stock dividend Saved Help Sa The amount of earnings per share is usually computed: Multiple Choice By dividing net income by the combined number of preferred and common shares. For both preferred and common stock. For common stock by deducting the dividends on preferred stock from net income and dividing the remaining amount by the weighted average number of common shares outstanding. On the basis of the number of shares outstanding at year-end, regardless of changes in the number of shares during the year Amelia Corporation has the following information in its financial statement: $ 540,000 68 Cumulative preferred stock, $100 par value; authorized, issued, and outstanding, 5,400 shares Common stock, $2 par value: authorized, 400,000 shares; lasued and outstanding 320,000 shares Paid-in capital: Preferred Common Retained earnings 640,000 520 760,000 2,560,000 2,373,400 How many shares of preferred stock are outstanding? Multiple Choice 10.000 shares 5.400 shares D

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