Question
In: Accounting
A company paid Jen Rogers, its sole stockholder, a total of $25,000 in dividends during the...
A company paid Jen Rogers, its sole stockholder, a total of $25,000 in dividends during the current year. The entry needed to close the dividends account is:
Multiple Choice
-
Debit Dividends and credit Cash for $25,000
-
Debit Income Summary and credit Cash for $25,000.
-
Debit Retained earnings and credit Dividends for $25,000.
-
Debit Dividends and credit Retained earnings for $25,000.
-
Debit Income Summary and credit Dividends for $25,000.
Solutions
Expert Solution
C. Debit Retained earnings and credit Dividends for $25,000.
The entry needed to close the dividends account is:
| General Journal | Debit | Credit |
| Retained earnings | $25,000 | |
| Dividends | $25,000 |
ekkarill92 answered 1 year agoRelated Solutions
Jen Rogers withdrew a total of $31,000 from her business during the current year. The entry...
Jen Rogers withdrew a total of $31,000 from her business during
the current year. The entry needed to close the withdrawals account
is: Multiple Choice Debit Income Summary and credit Cash for
$31,000. Debit Jen Rogers, Withdrawals and credit Cash for $31,000
Debit Income Summary and credit Jen Rogers, Withdrawals for
$31,000. Debit Jen Rogers, Capital and credit Jen Rogers,
Withdrawals for $31,000. Debit Jen Rogers, Withdrawals and credit
Jen Rogers, Capital for $31,000.
Chapter 7 Additional Problems The OWB Company paid $2.1 of dividends this year. If its dividends...
Chapter 7 Additional Problems
The OWB Company paid $2.1 of dividends this year. If its
dividends are expected to grow at a rate of 3 percent per year,
what is the expected dividend per share for OWB five years from
today?
The current price of ABC stock is $35 per share. If ABC’s
current dividend is $1.5 per share and investors ‘required rate of
return is 10 percent, what is the expected growth rate of dividends
for ABC. Use constant...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A manufacturing plant uses 2.49 kW of electric power provided by a 60.0 Hz ac generator...
- Study a consumer product that your group might consider buying. Select a flatscreen TV, home theater...
- QUESTION 1 The veil of ignorance makes us ignorant about the primary goods, that is, about...
- Explain what a letter of credit (L/C) is, who the principle parties are, what the principle...
- Ways to Lead in an Era of Constant Change- 1 to 2 page, double spaced paper,...
- Bob Michels owns a business in an emerging agricultural market, medicinal cannabis. He is interested in...
- What are repos? How popular are they as a money market instrument compared to other money...
ADVERTISEMENT