Question
IM Strong, Inc. does not keep track of its dividends on a separate basis. If IM Strong, Inc. declared a cash dividend of $10,000 on
IM Strong, Inc. does not keep track of its dividends on a separate basis. If IM Strong, Inc. declared a cash dividend of $10,000 on November 1, 2020, which of the following statements is true for November 1, 2020?
- A. IM Strong, Inc. will credit Retained Earnings for $10,000.
- B. IM Strong, Inc. will debit Retained Earnings for $10,000.
- C. IM Strong, Inc. will debit Cash Dividends for $10,000.
- D. IM Strong, Inc. will debit Dividends Payable for $10,000.
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Essentials Of Federal Taxation 2019
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
10th Edition
1260189988, 1260189678, 9781260189674, 978-1259917103, 125991710X, 978-1260190045
