Fetzer Company declared a $0.55 per share cash dividend. The company has 200,000 shares authorized, 190,000 shares issued, and 8,000 shares in treasury stock. The journal entry to record the dividend declaration is:
A. Debit Common Dividends Payable $100,100; credit Cash $100,100.
B. Debit Retained Earnings $100,100; credit Common Dividends Payable $100,100.
C. Debit Common Dividends Payable $104,500; credit Cash $104,500.
D. Debit Retained Earnings $110,000; credit Common Dividends Payable $110,000.
E. Debit Retained Earnings $104,500; credit Common Dividends Payable $104,500.
Answer: B
You might also like to view...
The four targeted elements of change are organizational arrangements, social factors, methods, and people.
Answer the following statement true (T) or false (F)
Short reports typically cover topics with a limited
A) Financial impact. B) Impact on the company. C) Timeframe. D) All of the above.
The path-goal theory proposes that a directive behavior will be most effective in all of the following circumstances, except:
a. Where the demands of the task are ambiguous. b. Where procedures are clear. c. Where rules are unclear. d. Where employees are somewhat dogmatic.
Under the Fair Credit Reporting Act:
a. credit reports may be used by potential employers and lenders, but not insurers. b. consumer reporting agencies must notify consumers, orally or in writing, before making an investigative report. c. if a consumer does not agree with information in the file and so notifies the reporting agency, the agency must reinvestigate the matter, even if the agency thinks the complaint is frivolous or irrelevant. d. upon request, each nationwide consumer reporting company must provide a free copy of an individual's credit report once every 12 months.