A company has Preferred stock, 8%, $10 par, 30,000 shares authorized and issued. The balance in the

A company has Preferred stock, 8%, $10 par, 30,000 shares authorized and issued. The balance in the

A company has Preferred stock, 8%, $10 par, 30,000 shares authorized and issued. The balance in the Preferred Stock account is $300,000. This means that:1.Preferred stockholders receive dividends before the common stockholders.2.Dividends on preferred stock are always paid even if the board of directors does not declare the dividend.3.Preferred stock provides voting rights.4.All corporations issue preferred stock.Which is the correct answer and why?

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