Given the following Weighted Average of Common Shares Outstanding 12/31 Common Shares Outstanding Weighted Average of Preferred Shares Outstanding 12/31 Preferred Shares Outstanding Net Income Loss on Disc. Op. (before tax effect) Cash Dividends to Common Shareholders Cash Dividends to Preferred Shareholders Tax Rate 200 100 100 50 $240 50 $100 60 25% The total income tax expense is 24. 48 $ 70 80 a) b) c) d) $ 60 e) 50 22. Falls Company financial statements indicated that beginning and ending liabilities were respectively. At year-end, owners' equity was $60,000; total assets increased by ng the year. If owners' contributions exceeded withdrawals by $5,000 during the year, the net $38,000 and $32,000, income or net loss for the year was: a) b) c) 9,000 net income 9,000 net loss $ 1,000 net loss 1,000 net income $11,000 net income The only revenue for the Ford Company is Sales. A net loss will result if: 13. Gross Margin exceeds Operating Expenses Cost of Goods Sold exceeds Purchases Operating Expenses exceeds Net Sales a. d. Gross Margin exceeds Cost of Goods Sold e. Operating Expenses exceeds Cost of Goods Sold