Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 45,000 shares authorized, 24,000 shares issued, and 18,000 shares of common stock outstanding. The journal entry to record the dividend declaration is:
Multiple Choice
Debit Retained Earnings $9,000; credit Common Dividends Payable $9,000.
Debit Retained Earnings $22,500; credit Common Dividends Payable $22,500.
Debit Common Dividends Payable $9,000; credit Cash $9,000.
Debit Common Dividends Payable $12,000; credit Cash $12,000.
Debit Retained Earnings $12,000; credit Common Dividends Payable $12,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 45,000 shares authorized, 24,000 shares ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Oriole Company will receive $43000 today (January 1, 2020), and also on each January 1st for the next five years (2021 - 2025). What is the present value of the six $43000 receipts, assuming a 11% interest rate?
Answers (1)
Which of the following type of entities prepares both entity-wide and fund financial statements
Answers (1)
If a company is using a bait and switch scam to lure customers, they can be sued for fraud. False True
Answers (2)
What is the proper adjusting entry at june 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000?
Answers (1)
Gordon makes a trip to his financial institution one morning. He has conducted all of his banking transactions at the institution for more than twenty years. Today he walks out with a loan on his new home and one for a new boat.
Answers (1)
New Questions in Business
n a company's merit pay program, an individual's compa-ratio represents the individual's pay relative to company's average pay for that position. the individual's worth versus that of others in the organization.
Answers (1)
Some interview questions are designed to rattle you to see how you deal with stress. True or false.
Answers (2)
Organizational culture consists of three levels: Select one: a. assumptions, orientations, and beliefs. b. beliefs, values, and artifacts. c. artifacts, assumptions, and beliefs. d. assumptions, artifacts, and values.
Answers (1)
What term refers to a set amount of money kept in the cash register to make change with? A. Excess cash B. Standard cash stock C. Cash drop D. Cash float
Answers (1)
Torres travel's stockholders' equity at the beginning of march 2014 was $200,000. during the month, the company earned net income of $50,000 and paid dividends of $10,000. at the end of march 2014, what is the amount of stockholders' equity?
Answers (1)