Question
A Giant Corp. declared a cash dividend of $1.00 per share on its 400,000 shares of common stock outstanding. Declaration date March 1, date of
| A | Giant Corp. declared a cash dividend of $1.00 per share on its 400,000 shares of common | |||||
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| stock outstanding. Declaration date March 1, date of record March 15 and payment date is April 1. | |||||
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| Prepare the necessary journal entries related to the above information. |
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| B | Randall Company has cash in the register in the amount of | $ 446.25 |
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| The current sales tax rate is | 6.25% |
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| The company does not separate out the sales tax payable from the sales revenue. |
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| Prepare the journal entry needed to record this information on April 30 |
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Ethical Obligations and Decision Making in Accounting Text and Cases
Authors: Steven M. Mintz, Roselyn E. Morris
5th edition
1259969460, 73403997, 1260480852, 978-1259969461
