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What is needed in the journal entry to record declaration

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Reference no: EM132768588

Problem 1: What are the characteristics of a company that has a large retained earnings balance?

A. Low profits, low dividends, and short history

B. Low profits, high dividends, and short history

C. High profits, low dividends, and long history

D. High profits, high dividends, and long history

Problem 2: On March 23, a company declared a dividend of $3.00 per share to be paid on July 12 to shareholders of record on June 6. There are 50,000 shares outstanding. What is needed in the journal entry to record the payment of the dividends on July 12?

A. Debit to dividends payable for $150,000

B. Debit to cash for $150,000

C. Credit to dividends for $150,000

D. Credit to dividend payable for $150,000

Problem 3: On March 23, a company declared a dividend of $4.00 per share to be paid on July 12 to shareholders of record on June 6. There are 20,000 shares outstanding. What is needed in the journal entry to record the declaration of the dividends on March 23?

A. Debit to dividends for $80,000

B. Credit to dividends for $80,000

C. Debit to cash for $80,000

D. Credit to cash for $80,000

Reference no: EM132768588

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