Declaration of cash dividends will … a. Increase the retained earnings b. Increase the stockholders’ equity c. Decrease the retained earnings d. Decrease the total equity Entries for dividends are required on the … a. Declaration date and payment date b. Declaration date and record date c. Record date and declaration date d. Payment date and record date

Declaration of cash dividends will … a. Increase the retained earnings b. Increase the stockholders’ equity c. Decrease the retained earnings d. Decrease the total equity Entries for dividends are required on the … a. Declaration date and payment date b. Declaration date and record date c. Record date and declaration date d. Payment date and record date

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 4MC

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On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
What item flows from the statement of retained earnings to the balance sheet?a. Cashb. Dividendsc. Net incomed. Retained earnings
A. 3. What is the line item that appears on a statement of financial position? D. Cost of sales. Dividends paid. Current portion of long-term debt. Increase in cash and equivalents.
Dividends are paid on the a. date of record. b. distribution date. c. declaration date. d. ex dividend date.
For cash dividends, the journal entry on the date of recorda. debits Retained Earnings and credits Dividends Payable.b. debits Dividends Payable and credits Cash.c. debits Dividends and credits Cash.d. No journal entry is required on the date of record
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Stockholders' equity a.is usually equal to cash on hand b.includes retained earnings and paid-in capital c.is shown on the income statement d.includes paid-in capital and liabilities
Cash dividends are initially recorded on which date? Multiple Choice O Date of record. O Balance sheet date. O Date of declaration.
Match the words to the definitions. Solvency Accounts Receivable Balance Sheet Noncurrent Assets Income Statement Retained Earnings Noncurrent Liabilities. Liquidity Current Assets Cash Flow Statement ✓ [Choose ] A forecast of the amount and timing of future cash inflows and outflows over some period of time. A summary of the revenues and expenses of a business over a given period of time. When net worth is greater than zero, or assets are greater than liabilities on the balance sheet. The ability to meet the day-to-day cash needs of the firm. Profits that are not paid out in dividends but are reinvested in the firm itself. Summarizes a firm's financial position at a given point in time and lists the firm's assets, liabilities, and net worth. Debts that others owe the business, usually arising from previous credit sales. Something the firms owns or uses that will not turn into cash within the next accounting period. Either cash or an items that will become cash in the next accounting…
Stockholders' equity a.includes paid-in capital and liabilities b.includes retained earnings and paid-in capital c.is shown on the income statement d.is usually equal to cash on hand
Stockholders' equity a.is shown on the income statement b.is usually equal to cash on hand c.includes paid-in capital and liabilities d.includes retained earnings and paid-in capital
Identify each of the following independent transactions as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects assets, liabilities, stockholders' equity, net income, and cash flow by selecting a + for increase, - for decrease, or leave cell blank for not affected under each of the categories. The first event is recorded as an example. a. Provided services on account. b. Wrote off an uncollectible account (use the direct write-off method). c. Loaned cash to H. Phillips for one year at 6 percent interest. d. Collected cash from customers paying their accounts. e. Paid cash for land. f. Sold merchandise at a price above cost. Accepted payment by credit card. The credit card company charges a service fee. The receipts have not yet been forwarded to the credit card company. Record this event as two transactions. Reference the sales transaction as f1 and the cost of goods sold transaction as f2. g. Provided services for cash.…