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Determine the amount of cash paid for purchasing inventory

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Q1. A company ends Year One with 100,000 shares of common stock and 30,000 shares of preferred stock outstanding. Net income for the year is reported as $400,000. During the year, the company paid a $1 per share cash dividend on its common stock and a $2 per share cash dividend on its preferred stock. The number of preferred shares and common shares outstanding did not change during the year. Determine the company's basic earnings per share.

A. $2.13 per share

B. $2.50 per share

C. $3.40 per share

Q2. DreamWorks Corporation acquired a trademark in exchange for 3,000 shares of $1 per value common stock. Which of the following best describes this transaction?

A. Operating activity

B. Investing activity

C. Significant non-cash activity

Q3. Lira Company reported the following account balances on its income statement: cost of goods sold-$320,000, rent expense-$30,000, and salary expense-$90,000. During the year, prepaid rent went up by $5,000, accounts payable went down by $4,000, salary payable went up by $3,000, and inventory went down by $2,000. Determine the amount of cash paid for purchasing inventory during the year.

A. $322,000

B. $326,000

C. $320,000

Reference no: EM132982962

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