Answered: The date on which a cash dividend…

The date on which a cash dividend becomes a binding legal obligation is the Group of answer choices declaration date date of record payment date last day of the fiscal year

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 13MC: The date the board of directors votes to declare and pay a cash dividend is called the: A. date of...

See similar textbooks

Related questions

Q: Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the…

A: Cash flow statements includes: Cash flows from Operating activities Cash flows from Investing…

Q: depreciation would be calculated immediately. Greymare’s borrowing rate is 12%. Assume this is a…

A: Assuming depreciation is on straight line basis. Each year depreciation would be (83000/8) $10375 If…

Q: Accounting and business management are two distinct disciplines

A: MEANING OF BUSINESS ADMINISTRATION AND ACCOUNTANCY - ACCOUNTANCY IS A FIELD OF STUDY AND A…

Q: Profits that have been subjected to IAET will be liable to dividend tax when they are eventually…

A: Tax is the charge which is charged on the taxable income earned by the corporation or business…

Q: 4. Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of…

A: The cash flow statement is prepared to record the cash flow from various activities into the…

Q: capital balance of Lucky after admission?

A: WHEN A NEW PARTNER IS AADMISTED INTO THE PARNERSHIP, NEW PROFIT SHARING RATIO WILL BE CALCULATED,…

Q: 1) Given the above information, which restaurant would you suggest the owners to continue running…

A: The company should continue that section or product or the service of the overall products which are…

Q: Kelley paint company uses the weighted average method to aacount for costs of production.…

A: The four steps in assigning cost to units completed and transferred out are (a) Summarize the…

Q: Interest generated by a depository bank under an increased foreign currency deposit is credited to…

A: The TRAIN act has introduced reforms on taxation of individuals, transfer taxes, indirect taxes,…

Q: The Stockholders' Equity section of the balance sheet may include which of the following? Group of…

A: The balance sheet ia prepared to represent the financial position of the business with assets,…

Q: Tally, Inc., sold $200,000 in inventory to Merna Company during 2015 for $250,000. Merna resold…

A: Lets understand the basics. When inter company transactions are happen then there are need to…

Q: C. Shelton contributed land, inventory and $58,000 cash to a partnership. The land had a book value…

A: Introduction: Journal entries are created in chronologically and adhere to the double-entry…

Q: Explain how a retailing firm would determine the cost of goods sold during an accounting period.

A: Lets understand the basics. Cost of goods sold is as suggest a cost of the goods sold. It is…

Q: Great and Happy pooled their resources to form a partnership on April 1, 2021. Great invested…

A: Answer:- Partnership meaning:- A partnership is a unique relationship between people who have…

Q: Entries for Waterway 25-Apr-20 inventory on consignment inventory 30-Jun-20 cash ? ? ? ? ? ? סיי ?

A: Journal- Journalizing is the process by which businesses record their transactions in a systematic…

Q: Mark manufactures tiles was using absorption costing for its one of the plant Its quarter budgeted…

A: Marginal costing is one of the method of costing where it is various variable cost of one unit of a…

Q: What is the purpose of depreciation

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: After a company receives a charter, what are the rules and procedures prepared by the corporate…

A: Corporate Affairs governed by the governing rules , when corporate formed first act of the board of…

Q: Assess the truth of this statement: For a partnership entity, partnership equity is composed of one…

A: Equity Means Parntner's portion of interest in the business, Percentage of interest on the assets of…

Q: Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: a Income statement for the year ended April 30. b. Statement of changes in equity for the year ended…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: 5

A: Lets understand the basics. For inventory valuation, there are various methods follows which are,…

Q: Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The…

A: Basic earnings per share Branch Manufacturing income from operations 125000 Short Retail…

Q: Problem (2) XYZ corporation currently practices the following system for the procurement of an item:…

A: Economic Order Quantity EOQ=2×Annual Demand×Ordering Cost per orderHolding cost per unit

Q: Ngwenya (Pty) Ltd incurred some research and development costs. The research and development was…

A: Research and Development cost- The costs incurred in conducting experiments and producing new,…

Q: ay 7 (8) Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given…

A: Cash flows statement is one of the important financial statement which shows all cash inflows and…

Q: (a)Prepare the journal entry to record the sale of these bonds on January 1, 2022. (b)Prepare the…

Q: What is the characteristic of a partnership that gives the authority to any partner to legally bind…

A: A partnership is a written contract between 2 or more people to manage and operate a company and…

Q: Depreciation Methods 1. A broadcasting corporation purchased an equipment for P53.000.00 and…

A: Business organizations are required to charged the depreciation expense so that the assets are shown…

Q: Exercise 5. Determine the salaries paid The salaries payable and salaries expense accounts at…

A: Salaries paid = salaries expense - Salaries payable

Q: . How much is the net income for distribution to partners? A. P 2,750,000 B. P 2,900,000 C. P…

A: 7. Net Income for Distribution to partners D. P 5,750,000 is correct option. Explanation: Gross…

Q: The balance in the supplies account, before adjustment at the end of the year is P1,475. Journalize…

A: Adjusting entries are those which are recorded at the end of the year in order to adjust the…

Q: The unearned rent account has a balance of P36,000. If P4,000 of the P36,00 period the amount of the…

A: Adjusting entry: It implies to a journal entry that is recorded at the closing of an accounting…

Q: The Discount on Bonds Payable account is: Multiple Choice O O O O O An expense. A liability. A…

A: An expense account is not carried forward and closed in the income statement. But Discount on Bonds…

Q: X and Y are partners in a company with a capital of ₹1,80,000 and ₹2,00,000. Z was admitted for…

A: Goodwill- Goodwill is not a tangible asset. It cannot be purchased or sold. It can be sold only with…

Q: A plant bought a calciner for P220,000.00 and uses it for 10years, the life span of the equipment.…

A: Depreciation Methods: a) Straight Line Method: Calculation of Book Value of Calciner (Asset) after 5…

Q: For a partnership, assume for a certain time period, the Income Statement has Sales of $100,000,…

A: Net income: It implies to the earnings that is left with a business after subtracting or deducting…

Q: The Masquerade is a casino that operates on a river. Casinos attain a profit by collecting the…

A: Break even is that level of sales at which there is no profit or loss accruing to the company. It…

Q: Prepare the entry to record the issuance of the bonds. (Credit account titles are automatically…

A: The bonds have been issued at a discount. Hence the discount on the issue of shares will be…

Q: Melissa recently paid $640 for round-trip airfare to San Francisco to attend a business conference…

A: Given: - Registration for conference = $590 Miles drove = 107 miles Parking fees = $181

Q: Wellington Company manufactures custom-designed pens. Previously, the company has been using a…

A: ABC method uses cost drivers to allocate the overhead or general costs that can't be specifically…

Q: . From the following particulars taken from the Cash Book of a health club, prepare a Receipts and…

A: The receipt and payments profile summarizes an organization's monetary payments and receipts for a…

Q: Auto sales at Carmen's Chevrolet are shown below. Using a 3-week moving average, what is the…

A: Working:

Q: Q.7) Solve the following problems: The following trial balance is available of Mr. Bhatia. You are…

A: Trading and Profit & Loss account shows gross profit made and net profit made by the business.…

Q: On January 1, a company issued and sold a $400,000, 7%, 10-year bond payable, and received proceeds…

A: Interest expense = Interest on Bonds + Discount on bonds payable amortized = ($400,000 x 7% x 6/12)…

Q: bry, January 1 47,660 ory, January 31 43,440 ed January 31, determine Aricanly's cost of anly…

A: On a cost of goods sold statement, the cost of products sold for an accounting period is documented…

Q: A Texas Steak House in Puebla consumes 5,500 pounds of sirloin steak each month. Ari Mendoza, the…

A: EOQ=2×Annual Demand×Setup costCarrying Cost

Q: Prepare the entries on Big and Bigger's books under each of the following scenarios: a. The exchange…

A: As per PFRS 38, intangible assets will be classified at their fair value if it is acquired through…

Q: Explain Prudence concept and provide example.

A: Following accounting concepts & principles are used in accounting: Business entity principle…

Q: Starr Company decides to establish a fund that it will use 4 years from now to replace an aging…

A: Working:

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

The date on which a cash dividend becomes a binding legal obligation is the

Group of answer choices

declaration date

date of record

payment date

last day of the fiscal year

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The retirement of long-term debt by the issuance of common stock should be presented in a statement of cash flows as a:
The accrual of liability in relation to a cash dividend is at the date of distribution declaration record fiscal yearend
Cash dividends declared but not paid as of the statement of financial position date are reported as a. current liabilityb. deduction from Cashc. addition to Share Capitald. addition to Additional Paid-in Capital
The date which determines who gets the dividend * a. date of record b. date of issuance c. date of payment d. date of declaration
When does a dividend become a liability? According to your text, it occurs on the: Date of record Date of payment Date of declaration Last day of fiscal year None of the above
Describe the declaration date, record date, and payment date for a cash dividend.
Subscription receivable and other receivables from sale of shares which are collectible currently shall be presented as Choices; current assets deduction from the related subscribed share capital long-term investment other assets
The retirement of long-term debt by the issuance of common stock should be presented in a statement of cash shows as a:
Which one of the following dates is the date on which the board of directors votes topay a dividend?(a) Record date(b) Declaration date(c) Ex-dividend date(d) Payment date(e) Settlement date
Which of the following is not correct relative to an appropriation of Retained Earnings? Question options: a Retained earnings set aside for a special or specific purpose. b Undistributed funds for dividends declared during the year. c Reduction in the amount available to shareholders as dividends d Total retained earnings remains unchanged.
The date on which liability for dividends must be recorded. a. Date of record b.Date of issuance c. Declaration date d. Date of payment
Which one of the following is the date on which the board of directors agrees to pay a dividend and passes a resolution to do so? Ex-dividend date Payment Date Declaration Date Date of record