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  1. business
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  3. 1. declaration of a cash dividend results in a lia

1. Declaration of a cash dividend results in a liability being recorded. TRUE OR FALSE...

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Accounting

1. Declaration of a cash dividend results in a liability being recorded.

TRUE OR FALSE

2. Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $27,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following:

Deposit in transit 3,250
Outstanding checks 1,323

Additionally, a $45 check correctly written and recorded by the company was recorded by the bank as a $54 deduction. The adjusted cash balance per the bank records should be:

Multiple Choice

  • $29,297

  • $22,797

  • $31,943

  • $29,279

  • $29,288

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