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Gault Corporation had the following shares of stock outstanding on December 31, 2018: Common stock, $50 par value, 200,000 shares outstanding Preferred stock, 8 percent,
Gault Corporation had the following shares of stock outstanding on December 31, 2018: Common stock, $50 par value, 200,000 shares outstanding Preferred stock, 8 percent, $100 par value, cumulative, 20,000 shares outstanding Dividends were in arrears for 2016 and 2017. On December 31, 2018, total cash dividends of $800,000 were declared. The total amounts payable to preferred stockholders and common stockholders, respectively, are: Select one: O a $160,000 and $640,000 Ob. $480,000 and $320,000 Oc $320,000 and $480,000 Od. $400,000 and $400,000 Oe. $240,000 and $400,000 Use the following information on the Statement of Cash Flows. Net Income $365,000 Beginning Accounts Payable $119,000 Depreciation Expense 96,000 Ending Accounts Payable 146,000 Amortization of Intangible Assets 11,000 Purchase of Long-Term Assets with Cash 616,000 Beginning Accounts Receivable 420,000 Cash from Issuance of Long-Term Debt 200,000 Ending Accounts Receivable 439,000 Issuance of Stock for Cash 160,000 Beginning Inventory 516,000 Issuance of Stock for Long-Term Assets 110,000 Ending Inventory 560,000 Purchase of Treasury Stock 64,000 Beginning Prepaid Expenses 48,000 Ending Prepaid Expenses 42,000 The Net Cash Flows from Operating Activities section will include a line item for: Oa. $27,000 O b. $196,000) Oc. $(6,000) Od $44,000 Oe. $(64,000)
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