Boxta company distributed $20,000 as cash dividends. The closing entry to required for dividend account is: a. Account Title & Explanation Debit |Income Summary Dividends Credit $20,000 $20,000 b. Account Title & Explanation Debit Dividend Dividends Payable Credit $20,000 $20,000 c. Account Title & Explanation Debit Retained Earnings Credit $20,000

Boxta company distributed $20,000 as cash dividends. The closing entry to required for dividend account is: a. Account Title & Explanation Debit |Income Summary Dividends Credit $20,000 $20,000 b. Account Title & Explanation Debit Dividend Dividends Payable Credit $20,000 $20,000 c. Account Title & Explanation Debit Retained Earnings Credit $20,000

Name: Boxta company distributed $20,000 as cash dividends. The closing entr
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Boxta company distributed $20,000 as cash dividends. The closing entry to required fordividend account is:a. Account Title & Explanation Debit|Income SummaryCredit$20,000Dividends$20,000b. Account Title & Explanation DebitDividendDividends PayableCr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following items are reported on a company's balance sheet: Cash $161,300 Marketable securities 126,000 Accounts receivable (net) 72,700 Inventory 144,000 Accounts payable 360,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2
Studypug.com Received $45,000 cash from Alex Xu as an additional investment in exchange for common stock. Which of the following is the journal entry the company should record? a. Cash 45,000 Common Stock 45,000 b. Common Stock 45,000 Cash 45,000 c. Cash 45,000 Dividends 45,000 d. Common Stock 45,000 Sales Revenue 45,000
Complete the followin Common Size Balance Sheet: Amount Percent Cash $ 600 (c) _____________________________ Accounts Receivable 1,400 (d)_____________________________ Total Aseets $ 2,000 (e) _______________________________ Accounts Payable 400 (f) _______________________________ Notes Payable 800 (g)________________________________ Total Liabilities 1,200 (h)…
Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
Calculate the other income from the following Information Dividends income 1000 Opening stock 27800 Accounts payable 18000 Accounts receivable 123000 Prepaid expense 25100 Rental revenue 5200 Interest expenses 1450 Interest Income 8540 Select one: a. OMR 9450 O b. OMR 6200 c. OMR 14740 O d. OMR 1000
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
The following T-account is a summary of the Cash account of Blossom Company. Balance, Jan. 1 Receipts from customers Dividends on stock investments Proceeds from sale of equipment Proceeds from issuance of bonds payable Balance, Dec. 31 Cash (Summary Form) Net cash 21,600 982,800 Payments for goods 16,200 97,200 540,000 Payments for operating expenses 378,000 Interest paid 27,000 Taxes paid 21,600 810,000 Dividends paid 853,200 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) 108,000 by financing activities $
Classify the following transaction by type of cash flow activity: Issued 100,000 shares of $5 par value common stock for $800,000 cash. Seleccione una: a. Operating activity b. Noncash transaction c. Investing activity d. Financing activity