On November 1,2018,Uno,Inc

question 172

Multiple Choice

On November 1,2018,Uno,Inc.declared a dividend of $4.50 per share.Uno,Inc.has 23,000 shares of common stock outstanding and no preferred stock.Which of the following is the journal entry needed to record the declaration of the dividend?

• A) Debit Dividends Payable-Common $103,500, and credit Retained Earnings $103,500.
• B) Debit Cash Dividends $103,500, and credit Cash $103,500.
• C) Debit Cash Dividends $103,500, and credit Dividends Payable-Common $103,500.
• D) Debit Cash $103,500, and credit Dividends Payable-Common $103,500.

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Definitions:

Hot Dry Climates

Climates characterized by low humidity and high temperatures, often found in desert regions and areas with a long dry season.

CAM Plant

Plant that carries out crassulacean acid metabolism; carbon is initially fixed into organic acids at night in the reaction of CO2 and phosphoenolpyruvate, catalyzed by PEP carboxylase; during the day the acids break down to yield CO2, which enters the Calvin cycle. Compare with C3 plant and C4 plant.

Calvin Cycle

A series of biochemical redox reactions that take place in the stroma of chloroplasts in photosynthetic organisms and is a light-independent reaction.

Carbohydrate

Organic compounds consisting of carbon, hydrogen, and oxygen, typically in a ratio of 1:2:1, serving as a major energy source for the body.