At December 31, 2016, Paste Company had 30,000 shares of P100 par, 5% cumulative preference share outstanding. No dividends were in arrears as of December 31, 2014, Paste did not declare dividends during 2015. During 2016, Paste paid a cash dividend of P100,000 on its preference share. Paste should report dividends in arrears in its 2016 financial statements as a/an A. accrued liability of P150,000 B. disclosure of P150,000 C. accrued liability of P200,000 D. disclosure of P200,000

At December 31, 2016, Paste Company had 30,000 shares of P100 par, 5% cumulative preference share outstanding. No dividends were in arrears as of December 31, 2014, Paste did not declare dividends during 2015. During 2016, Paste paid a cash dividend of P100,000 on its preference share. Paste should report dividends in arrears in its 2016 financial statements as a/an A. accrued liability of P150,000 B. disclosure of P150,000 C. accrued liability of P200,000 D. disclosure of P200,000

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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