Entry to record the declaration of dividend problem, Accounting Basics

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Entry to record the declaration of dividend problem

On December 31,2010,Springer,Inc.has 3,000 shares of 6% $100 par value cumulative preferred stock and 45,000 shares of $10 par value common stock outstanding.On December 31,2010,the directors a $12,000 cash dividend. The entry to record the declaration of dividend would include?

a)a credit of $6,000 to retained earnings.

b)a note in the financial statements that dividends of $6 per share are in arreas on preferred stock for 2010.

c)a debit of $12,000 to common stock.

d)a credit of $12,000 to dividends Payable.

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Accounting Basics: Entry to record the declaration of dividend problem

Reference No:- TGS069694

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Accounting Basics: Entry to record the declaration of dividend problem

Reference No:- TGS069694

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Accounting Basics: Entry to record the declaration of dividend problem

Reference No:- TGS069694

Recent Questions Asked Accounting Basics

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