Multiple Choice
On December 15, 2013, the board of directors of Cross Corporation declared a cash dividend, payable on January 8, 2014 of $.80 per share on the 2,000,000 common shares outstanding. On December 15, 2013, Cross Corporation should
A) not prepare a journal entry because the event had no effect on the corporation's financial position until 2014.
B) decrease retained earnings $1.6 million and increase expenses $1.6 million.
C) decrease retained earnings $1.6 million and increase liabilities by $1.6 million.
D) decrease cash $1.6 million and decrease retained earnings $1.6 million.
Correct Answer:
Verified
Correct Answer:
Verified
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