Mapleleaf Industries declared a $0.85 per share cash dividend. The company has 290,000 shares authorized, 83,000 shares issued, and 80,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration?
A. Debit Dividends Payable and credit Cash for $246,500.
B. Debit Dividends and credit Dividends Payable for $70,550.
C. Debit Dividends and credit Dividends Payable for $68,000.
D. Debit Dividends Payable and credit Cash for $70,550.
Answer: C
You might also like to view...
Celestial Seasonings focuses on the healthy aspect of its green tea. This is an example of product positioning by:
A) product user B) product class C) use or application D) product attribute
In the CAPM, the risk to a stock's return that is not attributable to the fluctuations in the overall stock market is referred to as
A. idiosyncratic risk. B. explicit risk. C. systematic risk. D. market risk.
The predetermined overhead allocation rate for a given production year is calculated ________
A) at the end of the production year B) before the accounting period begins C) after completion of each job D) after the preparation of financial statements for the year
Which of the following is NOT a step in finding the interest from a simple interest table?
A) Divide the principal by $100 to find the number of hundreds in the principal. B) Find the value in the table corresponding to the appropriate interest rate and time. C) Multiply the value from the table by the number of hundreds in the principal. D) Subtract the value from the table from the calculated interest.