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Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc.
Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on August 20, 2019? a. Select one: Dr. Dividends Payable $500,000. Cr. Cash $500,000 O b. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O c. Dr. Dividends Payable $33,000. Cr. Cash $33,000 O d. No entry is necessary O e. None of the above Cash Dividends Paid Select one: Increase stockholders equity o Reduce net income O Reduce retained earnings which is part of stockholders equity in the balance sheet O Increase retained earnings. Brown Corporation authorized 1,000,000 shares of stock; 800,000 shares were issued and 100,000 shares were purchased as treasury stock. The board of directors authorized a $.10 per share cash dividend which was paid during the year. Based upon this information determine the amount of dividends paid? a Select one: O a $70,000 O b. $80,000 O c. $100,000 O d. $90,000
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