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  3. 1. abd company declared a cash dividend of $2,400

1. ABD Company declared a cash dividend of $2,400 on July 1, 2020. It sets...

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Accounting

1. ABD Company declared a cash dividend of $2,400 on July 1, 2020. It sets the record date as July 17, 2020, and the payment date as August 5, 2020. What date would ABC Company record the:

a) Dividend Payable?

b) Payment of the Dividend Payable?

2. ABC Company sells season passes to its entertainment center and uses the accrual basis of accounting to account for them. The first event is scheduled for February 14, year 1 . The passes sell for $85 each and are good for the year. On January 1, year 1, ABC Company sells 3,000 passes and received cash. That is the amount of revenue to be recognized on January 1, Year 1?

3. At the start of the year, ACB Company had total assets of $21,891 and total liabilities of $5,357. Total revenues and total expenses for the year amounted to $9,351 and $18,854, respectively. During the year, the company did not issue any common stock, but it did declare and pay dividends of $3,333.

What is ABC Company's net income/net loss for the year?

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