On November 1, 2019, Juno, Inc. declared a dividend of $3.00 per share on common stock. Juno, Inc. has 10,000 shares of common stock outstanding and 20,000 shares of preferred stock. The date of record is November 15, and the payment date is November 30, 2019. Regarding the date of record, which of the following statements is true?
A) No journal entry is made on the date of record.
B) The liability must be recorded on the date of record.
C) Cash is disbursed to shareholders on the date of record.
D) The company transfers cash to a brokerage firm on the date of record.
Correct Answer:
Verified
Q71: Which of the following occurs when a
Q121: If preferred stock is noncumulative,the company is
Q124: No journal entry is made on the
Q130: On the _,cash dividends become a liability
Q131: The entry to record the payment of
Q134: Legal capital refers to the portion of
Q136: A corporation declares a dividend of $0.50
Q138: Atlantis Corporation has 12,000 shares of 14%,$78
Q139: Noncumulative preferred stock is in arrears if
Q140: When a company has issued both preferred
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents