Fastlane company has 50000 shares of common stock and 20000, Ask an Expert

Accounting

Fastlane Company has 50,000 shares of common stock and 20,000 shares of preferred stock outstanding. There was no change in the number of common or preferred shares outstanding during the year. Preferred stockholders received dividends this year totaling $120,000. Common stockholders received dividends totaling $200,000. If the dividend payout ratio for the year was 80%, then the net income was

a. $400,000. b. $160,000. c. $250,000. d. $370,000.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91961007

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