Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on July 31, 2019? Select one: O a. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000 Oc. No entry is necessary O d. Dr. Dividends Payable $33,000. Cr. Cash $33,000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 1MC: Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter...
icon
Related questions
Question

please answer question 2

Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of
directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend
will be paid August 20, 2019. What is the entry on August 20, 2019?
Select one:
O a. Dr. Dividends Payable $500,000. Cr. Cash $500,000
O b. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000
Oc. Dr. Dividends Payable $33,000. Cr. Cash $33,000
Od. No entry is necessary
Oe. None of the above
Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of
directors of Roush, Inc, authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend
will be paid August 20, 2019. What is the entry on July 31, 2019?
Select one:
Oa. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000
O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000
Oc. No entry is necessary
Od. Dr. Dividends Payable $33,000. Cr. Cash $33,000
Transcribed Image Text:Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on August 20, 2019? Select one: O a. Dr. Dividends Payable $500,000. Cr. Cash $500,000 O b. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 Oc. Dr. Dividends Payable $33,000. Cr. Cash $33,000 Od. No entry is necessary Oe. None of the above Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc, authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on July 31, 2019? Select one: Oa. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000 Oc. No entry is necessary Od. Dr. Dividends Payable $33,000. Cr. Cash $33,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Market Efficiency
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT