The following incomplete information is available for True Technologies Ltd.: The current fair value of a common share is $8. What would be the effect on common shares if a cash dividend of $0.50 was declared?

• A: the number of common shares would increase by 50,000

• B: there would be no impact on common shares

• C: the balance in the Common Shares account would decrease by $50,000

• D: the balance in the Common Shares account would increase by $50,000

• The following balances were taken from the records of Emperor Sales Ltd. before and after the reacquisition of 25,000 common shares.

• If the average price per common share before the reacquisition was $15, how much per share did Emperor pay for the reacquired shares?

• A: $20

• B: $10

• C : $15

• D: $5

Seeds had a loss on equity investments of $10,000, which qualifies as other comprehensive income. The company has a 20% tax rate. How will this loss be shown on the statement of comprehensive income?

• A : as a gain of $2,000 income tax savings

• B : as a loss of $8,000

• C : as a loss of $10,000

• D : as a loss of $8,000, net of $2,000 income tax savings

• A change of estimate for the percent of bad debt expense would most likely be treated as

• A : a change of policy, with retrospective restatement.

• B : as a change of estimate, without retrospective restatement.

• C : as a change of policy, without retrospective restatement.

• D : as a change of estimate, with retrospective restatement.

A prior period correction for expenses that had been understated by $30,000, will decrease the opening balance of retained earnings by $24,000 if the tax rate is 20%.

• A : True

• B : False

• If a company includes a statement of retained earnings with its year-end financial statements, which of the following is true?

• A : It is not a Canadian company.

• B : It is a privately owned company that has not elected to use IFRS.

• C : It is a publicly traded company that uses IFRS.

• D : It is a privately owned company that has elected to use IFRS.

• Seven Ltd. has a very low payout ratio compared to other companies in its industry. What does this most likely indicate about Seven Ltd.?

• A : the company is less profitable than others in its industry

• B : the company is likely in an expansion phase

• C : the company may be facing bankruptcy

• D : the company is more profitable than others in its industry

• Please answer ASAP! Thank you