1. The date of declaration creates a (n) for the corporation. A) Asset B) liabil

Question

1. The date of declaration creates a (n) for the corporation.
A) Asset B) liability C) expense D) revenue
2. Rick Company has declared a $40,000 cash dividend to shareholders. The company has5,000 shares of $20-PAR ,6%preferred stock and 10.000 shares of $15-par common stock. The preferred stock is non-Cumulative. How much will be distributed to preferred and common stockholders on the date of payment. A)$40,000 perferred,REPLACE common B)REPLACE preferred, $40,000 common C)$34,000 preferred, $6,000 common D)$6,000preferred, $34,000 common

Explanation / Answer

B) liability

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