On July 31,Crispy Corp Declared a Dividend of $0

question 98

Essay

On July 31,Crispy Corp declared a dividend of $0.66 per common share outstanding to the shareholders of record on August 15.The dividend will be paid on August 25.Crispy Corp has unlimited shares authorized and 80,000 shares issued and outstanding.Prepare the journal entry to record the declaration of the dividend.

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Definitions:

Money Supply

Refers to the total amount of money—cash, coins, and balances in bank accounts—available in an economy at a specific time.

Classical Macroeconomic Theory

An economic theory that posits that markets function efficiently and that full employment is achieved when economies operate at a state of equilibrium without government intervention.

Nominal Variables

Variables that are measured in terms of money and have not been adjusted for inflation, as opposed to real variables which are inflation-adjusted.

Money Supply

The total amount of money in circulation or in existence within a country's economy.