Slater lamp manufacturing has an outstanding issue of preferred stock with a par value of $80 and an 10% annual dividend.
a. what is the annual dollar dividend? if it is paid quarterly, how much will be paid each quarter?   
b. if the preferred stock is noncumulative and the board of directors has passed the preferred dividend for the last 2 quarters, how much must be paid to preferred stockholders in the current quarter before dividends are paid to common stockholders?
c. if the preferred stock is cumulative and the board of directors has passed the preferred dividend for the last 2quarters, how much must be paid to preferred stockholders in the current quarter before dividends are paid to common stockholders?

Baskin promotions, inc. sells t-shirts decorated for a variety of concert performers. the company has developed the following budget for the coming year based on a sales forecast of 80,000 t-shirts: sales $ 1,400,000 cost of goods sold 820,000 gross profit 580,000 operating expenses ($100,000 is fixed) 418,400 operating income 161,600 income taxes (30% of operating income) 48,480 net income $ 113,120 cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. if the concert season is slow due to poor weather, baskin estimates that sales could fall to as low as 60,000 t-shirts. assume baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. a performance report would indicate that net income was: