The charter of a corporation provides for the issuance of 94,546 shares of common stock. Assume that 41,432 shares were originally issued and 3,112 were subsequently reacquired. What isthe amount of cash dividends to be paid if a $2 per share dividend is declared?Oa. $3,112Ob. $41,432Oc. $76,640Od. $94,546

Dividend is paid on the shares outstanding. Shares outstanding = 41,432 - 3,112 = 38,320 shares

Answered: The charter of a corporation provides…

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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A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit to Organization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $ 2,600 credit to Common Stock.

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