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Home Q & A Board Other Fields Homework Help Business Accounting
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Tomm Tomm
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6 years ago
Following is the shareholders' equity section of the balance sheet of the Everslim Company:

Share capital:
Preferred shares, 420,000 shares authorized,
4,000 shares of $1.50 preferred issued   $400,000
Common shares, 100,000 shares authorized,
   30,000 shares issued    150,000
   Total share capital   $550,000
Retained earnings    267,000
   Total shareholders' equity   $817,000

The preferred shares are currently selling for $102.25 per share and the common shares are currently selling for $11.50 per share.

The entry to record the distribution of a $66,000 dividend includes a:
A) credit to Dividends Payable, Preferred for $6,000
B) credit to Dividends Payable, Preferred for $66,000
C) debit to Common Shares for $6,000
D) debit to Common Shares for $66,000
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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ACC 925
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msayed2004msayed2004
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6 years ago
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