27 The entry to close the Dividends account at the end of anaccounting period which has a balance of $10,000 is:10,000$A) DividendsCash10,000B) Retained EarningsCash10,000C) Dividends 000.002000 Retained Earnings10,000$D) Retained EarningsDividendsE) None of the above28 If Willis Corporation has 80,000 shares of common stockauthorized, 50,000 shares of common stock issued, and holds 2,000shares of common stock as treasury stock, the total number ofoutstanding shares of Willis Corporation amounts toA)32,000B)78,000C)48,000D)36,000E)none of the above29 Honig Corporation had the following shares of stock outstandingon December 31, 2020:Common stock, $50 par value, 100,000 shares outstandingPreferred stock, 8 percent, $100 par value, cumulative, 10,000shares outstanding SOS,22 vluc no bisq edDividends were in arrears for 2018 and 2019. On December 31, 2020,total cash dividends of $400,000 were declared. The total amountspayable to preferred stockholders and common stockholders,respectively, areabrisbiviaA)$200,000 and $200,000.B)C)$160,000 and $240,000.$240,000 and $160,000.$80,000 and $320,000.D)E)none of the aboveabno$$$$$10,00010,00010,00010,000

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27 The entry to close the Dividends account at the end of an accounting period which has a balance of $10,000 is: A) Dividends Cash B) Retained Earnings $ Cash C) Dividends Retained Earnings D) Retained Earnings Dividends E) None of the above tA 10,000 10,000 10,000 10,000 $ A 10,000 10,000 10,000 10,000

27 The entry to close the Dividends account at the end of an accounting period which has a balance of $10,000 is: A) Dividends Cash B) Retained Earnings $ Cash C) Dividends Retained Earnings D) Retained Earnings Dividends E) None of the above tA 10,000 10,000 10,000 10,000 $ A 10,000 10,000 10,000 10,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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