Ironworks, Inc

question 55

Multiple Choice

Ironworks, Inc. has declared a $21,000 cash dividend to shareholders. The company has 5,000 shares of $15-par, 7% preferred stock and 11,000 shares of $20-par common stock. The preferred stock is non-cumulative. How much will be distributed to the preferred and common stockholders on the date of payment?

• A)$0 preferred, $21,000 common
• B)$5,250 preferred, $15,750 common
• C)$21,000 preferred, $0 common
• D)$15,750 preferred, $5,250 common

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Definitions:

Cleaved Rocks

Rocks that have been split or sliced along very smooth, flat surfaces, often due to intense pressure.

Unconformity

A boundary between underlying and overlying rock strata representing a significant break or gap in the geologic record; an unconformity represents an interval of nondeposition or erosion, commonly accompanied by uplift.

Intrusive Contact

The boundary between intrusive igneous rocks and the surrounding country rock into which they have intruded.

Axial Surface

A surface that connects the hinge lines in a fold.