sahre dividends
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When sahre dividends of different class are received:
A. No formal entry is made only memo entry
B. A new investment account is debited and dividend income is credited
C. A new investment account is debited and the original investment is credited
D. Cash is debited and dividend income is credited
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- Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net IncomeEffects of transactions on stockholders’ equity Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity. a. Issued common stock for cash. l. Received cash for fees earned. c. Paid cash for utilities expense. d. Paid cash for rent expense. e. Paid cash dividends.Indicate all correct answers. Dividends:a. Decrease owners’ equity.b. Decrease net income.c. Are recorded by debiting the Dividend account.d. Are a business expense.
- A credit is used to record an increase in all of the following accounts exceptA. Utility Expense.B. Share Capital.C. Accounts Payable.D. Service Revenue.2. Generally, all of the following financial statements can be prepared with informationfrom the trial balance exceptA. Income Statement.B. Statement of Cash Flows.C. Statement of Retained Earnings.D. Statement of Financial Position.3. The Dividends account is increased with a debit because dividendsA. are an expense.B. are declared an asset.C. reduce liabilities.D.result in a decrease in equity, so debiting Dividends would have the effect ofdecreasing Equity.4. When a company pays cash for a truck, what is the effect on the accounting equationfor that company?A. Increase assets and increase liabilities.B. Decrease assets and decrease liabilities.C. Increase assets and increase equity.D. No net change.5. Gordon Company was recently formed with a $5,000 investment in the company byshareholders. The company then borrowed $2,000 from a…The Dividends account a) appears on the income statement along with the expenses of the business. b) is not a proper subdivision of retained earnings. c) is increased with debits and decreased with credits. d) must show transactions every accounting period.Which of the following statements about stockholders' equity is not correct? Group of answer choices a)Stockholders' equity is the shareholders' residual interest in the company resulting from the difference in assets and liabilities. b)Stockholders' equity accounts are increased with credits. c)Stockholders' equity results only from contributions of the owners. d)The purchase of land for cash has no effect on stockholders' equity.
- A journal entry for a $75 payment for dividends was recorded as dividends expense and routed through the income statement and credited to cash. The error will cause all of the following except: A. Common stock overstated by $75 B. Expenses to be overstated by $75 C. Net income will be understated by $75 D. There will be no impact on revenues.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 recordFill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Ayayai Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Sunland Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.) (a) Fair Value Method (b) Equity Method Transaction Investment Account Dividend Revenue Investment Account Investment Revenue 1. At the beginning of Year 1, Ayayai bought 30% of Sunland's common stock at its book value. Total book value of all Sunland's common stock was $760,000 on this date. 2. (a) During Year 1, Sunland reported $52,000 of net income. (b) During Year 1, Sunland paid $28,500 of dividends. 3. (a) During Year 2, Sunland reported…
- Which of the following statements concerning the debit-credit feature of the accounting equation is CORRECT? A debit entry will decrease a liability account and increase an asset account Debits is entered on the right and credit are entered on the left liability account should be credited upon payment of an account payable. Stock sold to investors increases stockholders' equity and is recorded as a debitWhich of the following statements is true? a.The balance in the revenue accounts after closing agrees with the revenue shown on the income statement b.The trail balance taken after closing can be used to prepare the statement of stockholders' equity and the balance sheet. c.The balance in the dividends account after closing agrees with the amount of dividends reported on the statement of stockholders' equity. d.The balance of Retained Earnings after closing agrees with the amount reported on the statement of stockholders' equity and the balance sheet.Statement 1: Dividends paid are deducted from net increase in net assetsto arrive at the net income. Statement 2: Cashbook is the major recordmaintained in a single entry system. A. Both statements are true.B. Both statements are false.C. Only statement 1 is true.D. Only statement 2 is true.
