Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: O a. Debit Cash, credit Dividend Payable O b. Debit Dividends, credit Cash O c. Debit Dividends, credit Dividend Payable O d. Debit Dividend Payable, credit Cash O e. Debit Cash, credit Dividends A bookkeeper erroneously recorded a $6 accrual of interest revenue using this journal entry: Prepaid Insurance $6 Depreciation Expense $6 Indicate the effect of the error on Net Income, Expenses, Assets, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. No Error, No Error, Understated d. Understated, No Error, Understated e. Understated, Understated, Understated The Vlasik Company declared a $9 cash dividend and recorded this journal entry: Inventory $9 Service Revenue Indicate the effect of the error on Net Income, Liabilities, and Owner's Equity, respectively: Select one: a. No Error, No Error, Overstated O b. No Error, Understated, No Error c. Overstated, Understated, Overstated d. Overstated, Understated, No Error O e. Overstated, No Error, Understated Given the following: Weighted Average of Common Shares Outstanding 12/31 Common Shares Outstonding Net Income before Taxes Cash Dividends to Common Shareholders Cash Dividends to Preferred Shareholders Tax Rate 200 100 $500 $100 $60 20% Earnings per share will be: Select one: O a. $3.40 b. $4.40 c. $4.00 d. $2.40 O e. $1.70 0 0 - ooo 0 0 o e. $1.70 The Charleston Company purchases a machine on 1/1/18: Cost Salvage Value Estimated Life Depreciation $24,000 $4,000 8 years Straight-Line The book value at 12/31/20 will be: Select one: a. $14,000 b. $19,000 c. $16,500 d. $15,000 e. $12,500 Given the following data: Understated Overstated Purchase Returns Ending Inventory Freight Out $15 Net Income is: Select one: O a. Overstated $24 O b. Understated $6 c. Overstated $16 O d. Understated $24 e. Understated $14