Te following selected events were experienced by either Quick Medical Services, Inc., a corporation, or George Quick,
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a. Borrowed $65,000 from the bank for use in the business.
b. Quick used personal funds to purchase a fat-screen TV for his home.
c. Sold land and received cash of $71,000 (the land was carried on the company’s books at $71,000).
d. Received $16,300 cash from customers on account.
e. Made cash purchase of land for a building site for the business, $84,000.
F. Received $11,000 cash and issued stock to a stockholder.
g. Paid $8,900 cash on accounts payable.
h. Purchased medical equipment and signed a $100,000 promissory note in payment.
i. Purchased office supplies on account for $1,700.
j. The business paid Quick a cash dividend of $7,000.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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