On February 2, 2010, Mecca Corporation declared a dividend of $.42 per share wit

Question

On February 2, 2010, Mecca Corporation declared a dividend of $.42 per share with 1,200,000 shares currently outstanding. On February 15, Mecca prepared a list of stockholders who would receive the dividend. Then on March 1, Mecca Corporation paid the dividend to stockholders. What is the required journal entry Mecca should make on March 1, 2010?

A
B
C No entry required D



2. )Alma Corp has the following information:



Additional information for the year is as follows:



Compute the cost of goods sold. A $527,000 B $510,000 C $547,000 D $300,000





3.) Alcatraz Corp has the following information:



Additional information for the year is as follows:



Compute the raw materials used in production. A $110,000 B $90,000 C $30,000 D $20,000
On February 2, 2010, Mecca Corporation declared a dividend of $.42 per share with 1,200,000 shares currently outstanding. On February 15, Mecca prepared a list of stockholders who would receive the dividend. Then on March 1, Mecca Corporation paid the dividend to stockholders. What is the required journal entry Mecca should make on March 1, 2010? Alma Corp has the following information: Alcatraz Corp has the following information:

Explanation / Answer

1. B

Dividends payable Dr. 504,000 (.42*1,200,000)

Cash Cr. 504,000

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