On November 1, 2017, Pink Rose, Inc declared a dividend of $3
00 per share. Pink Rose, Inc has 20,000 shares of common stock outstanding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2017. Provide the journal entry needed on November 30.
What will be an ideal response
Dividends Payable—Common 60,000
Cash 60,000
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Answer the following statements true (T) or false (F)
1. The cost of indirect materials is transferred out of the Manufacturing Overhead account and accumulated in the Raw Materials Inventory account. 2. Work-in-Process Inventory is debited when indirect labor costs are incurred in a job order costing system. 3. The actual direct labor costs are assigned to individual jobs, and the actual direct labor cost is recorded with a debit to Work-in-Process Inventory. 4. The costs transferred from Work-in-Process Inventory to Finished Goods Inventory are called Cost of Goods Manufactured. 5. Most companies streamline the tracking of labor costs through electronic means, using employee ID cards and job numbers to assign labor charges to individual jobs.
A compensating balance restricts cash; in effect, it increases the interest on the loan and reduces a company's liquidity
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
Accountability refers to the responsibility of management to report on achieving goals for the effective and efficient utilization of enterprise resources.
_____ is an example of cash flow from an investing activity in a cash flow statement.
A. Payment of dividends B. Repurchase of stock C. Purchase of equipment D. Purchase of inventory E. Repayment of debt