On January 2, Michigan Mining Declared a $2-Per-Share Quarterly Dividend

question 9

Multiple Choice

On January 2, Michigan Mining declared a $2-per-share quarterly dividend payable on March 9^th to stockholders of record on Friday, February 9. What is the latest date by which you could purchase the stock and still get the recently declared dividend?

• A)February 5
• B)February 6
• C)February 7
• D)February 8

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Definitions:

Liability Account

An accounting record that captures the amounts a company owes to others.

Gross Sales

represent the total sales revenue before any deductions are made for returns, allowances, or discounts.

Cash Sales

Transactions in which goods or services are exchanged immediately for cash payment.

Credit Sales

Sales made on credit, allowing buyers to pay at a later date, usually generating accounts receivable for the seller.