West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued, and 10,000 shares in treasury stock. The journal entry to record the dividend declaration is:
A. Debit Retained Earnings $95,000; credit Common Dividends Payable $95,000.
B. Debit Common Dividends Payable $90,000; credit Cash $90,000.
C. Debit Common Dividends Payable $95,000; credit Cash $95,000.
D. Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000.
E. Debit Retained Earnings $5,000; credit Common Dividends Payable $5,000.
Answer: D
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a. True b. False Indicate whether the statement is true or false
FICA taxes are recorded both as salary expense and as payroll tax expense.
Answer the following statement true (T) or false (F)