Mayan Company had net income of $31,570. The weighted-average common shares outstanding were 8,200. The company declared a $2,900 dividend on its noncumulative, nonparticipating preferred stock. There were no other stock transactions. The company's earnings per share is:

$3.50.

$3.95.

$4.20.

$3.85.

$3.25.

Farmer and Taylor formed a partnership with capital contributions of $200,000 and $250,000, respectively. Their partnership agreement calls for Farmer to receive a $70,000 per year salary. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Farmer and Taylor's respective shares are:

$90,000; $45,000.

$106,140; $28,860.

$67,500; $67,500.

$130,000; $5,000.

$102,500; $32,500.

Reno contributed $150,000 in cash plus equipment valued at $23,000 to the RD Partnership. The journal entry to record the transaction for the partnership is:

Debit Cash $150,000; debit Equipment $23,000; credit Common Stock $173,000.

Debit Cash $150,000; debit Equipment $23,000; credit Reno, Capital $173,000.

Debit Cash $150,000; debit Equipment $23,000; credit RD Partnership, Capital $173,000.

Debit Reno, Capital $173,000; credit RD Partnership, Capital $173,000.

Debit RD Partnership, Capital $173,000; credit Reno, Capital $173,000.

A company issued 260 shares of $100 par value common stock for $31,000 cash. The total amount of paid-in capital in excess of par is:

$5,000.

$26,000.

$100.

$31,000.

$2,600.

Cox, North, and Lee form a partnership. Cox contributes $195,000, North contributes $162,500, and Lee contributes $292,500. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $180,000 for its first year, what amount of income is credited to Lee's capital account? (Do not round your intermediate calculations.)

$81,000.

$54,000.

$45,000.

$61,500.

$60,000.

Fontaine and Monroe are forming a partnership. Fontaine invests in a building that has a market value of $338,000; the partnership assumes responsibility for a $119,000 note secured by a mortgage on the property. Monroe invests $94,000 in cash and equipment that has a market value of $69,000. For the partnership, the amounts recorded for total assets and for total capital account are:

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Total assets $501,000; total capital $382,000.

Total assets $620,000; total capital $620,000.

Total assets $382,000; total capital $501,000.

Total assets $382,000; total capital $382,000.

Total assets $501,000; total capital $501,000.

Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $362,000; the partnership assumes responsibility for a $131,000 note secured by a mortgage on the property. Monroe invests $106,000 in cash and equipment that has a market value of $81,000. For the partnership, the amounts recorded for the building and for Fontaine's Capital account are:

Building $362,000; Fontaine, Capital $231,000.

Building $362,000; Fontaine, Capital $362,000.

Building $362,000; Fontaine, Capital $318,000.

Building $231,000; Fontaine, Capital $131,000.

Building $231,000; Fontaine, Capital $231,000.