Select the ONE BEST answer to each of the following multiple choice questions (3 points each): 1) Mutt and Jeff could not gree on how to share the profits and losses of their partnership. In this case, would require that partnership profits and losses be divided equally B) according to the amount of work performed by each partner C) according to each partner's relative capital contribution D) based upon a reasonable percentage return on their investment 2) Which of the following is NOT an advantage of partnerships. A) Ease of formation B) Limited Liability C) Owners' manage the firm D) Income is taxed only once When cumulative preferred stock dividends have not been paid for a given period of time, they are refen to as: A) participating dividends B) dividends payable C) dividends in arrears D) stock dividends 4) The number of shares of stock outstanding is equal to: A) the number of shares authorized less the number of shares issued B) the number of shares issued plus the number of shares authorized C) the number of shares authorized less the number of shares of treasury stock D) the number of shares issued less the number of shares of treasury stock 5) If preferred stock has the right to receive dividends in excess of its stated dividend rate it is referred to as A) participating B) convertible C) redeemable D) callable 6) Callisto began 2018 with 100,000 shares of $3 par common stock. The firm declared a 3-for-1 stock split on March 1, 2018. How will the stock split affect Callisto's stockholders' equity? A) decrease B) increase C) no effect D) unable to determine from the information given