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1. income taxes to a partnership:
Select one:
A) are an obilation of the partnership
B) are an obligation to each partner only when cash is recieved
C) Are an obligation to each partner based on their share of profits
D) Are not an obligation to each partner since a partnership does not pay tax
2. Shown below is information relating to the stockholders' equity of reeve corporation as of december 31, 2015:
8% cumulative preferred stock, $100 par ...........................................$600,000
Common stock, $10 par, 500,000 shares authorized, 120,000
shares issued and outstanding........................................................$1,200,000
Additional paid-in capital: Common stock........................................$600,000
Retained earnings (Deficit).............................................................($60,000)
Dividends in arrears......................................................................$48,000
Refer to the information above. What was the original issue price per share of common stock?
A. $10.00 per share
B. $2.40 per share
C. $15.00 per share
D. $8.00 per share
3. The numerator in calculating earnings per share is reduced for :
A) Noncumulative preferred dividends declared
B) Common dividends
C) Common stock dividends
D) any form of dividend
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