On March 1, Year 1, Gilmore Incorporated declared a cash dividend on its 1,500 outstanding shares of $50 par value, 6% preferred stock. The dividend will be paid on May 1, Year 1 to the stockholders of record as of April 1, Year 1.How will the May 1 payment of the dividend affect the elements of the financial statements? Assets=Liab.+Stk.EquityRev.?Exp.=Net Inc.Stmt. ofCash FlowsA.NA 4,500 (4,500)NA NA NA(4,500)FAB.(4,500) (4,500) NANA NA NA(4,500)FAC.(9,000) (9,000) NANA NA NA(9,000)IAD.NA NA NANA NA NANA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: B
Business
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