Define the following dividend dates for a cash dividend. For each date, state whether a journal entry should be recorded. In addition, if a journal entry should be record, state the effect on assets, liabilities or equity.
You might also like to view...
Under rising prices, why will the FIFO method produce a higher ending inventory than LIFO?
On the BCG growth-market share matrix, question marks are also referred to as problem children
Indicate whether the statement is true or false
Marla applies for and receives a three-year loan through Sharkey Lenders for $5,000 at 27% APR.If the loan agreement violates the applicable usury statute, Marla may be able to keep
a. the interest that exceeds the usury limit. b. all of the interest on the loan. c. the interest and the $5,000. d. Any of the answer choices are possible, depending on where the loan was made.
Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of retained earnings, and a balance sheet. Barry, the company's sole stockholder, made no additional investments in the company during the year.Barry's Automotive ShopTrial BalanceDecember 31Cash $ 12,500?Accounts receivable 1,500?Supplies 500?Repair shop equipment 27,000?Service truck 33,000?Accounts payable ?$ 2,600Common stock ?30,000Retained earnings ?8,525Dividends 36,000?Service revenue ?125,000Supplies expense 3,425?Rent expense 18,000?Utilities expense 5,000?Gas expense 7,200?Wages expense 22,000?Totals $166,125$166,125
What will be an ideal response?