The FIFO method of inventory valuation uses

Limited partners in a partnership are taxed once; the general partner is taxed twice

a. true b. false

Happy Holidays, Inc has 110,000 shares of common stock issued and outstanding, with a par value of $0

03 per share. It declared a 17% common stock dividend; market value is $14 per share. Which of the following is the correct journal entry to record the transaction? (Round your answers to the nearest whole dollar.) A) debit Stock Dividends $261,800 and credit Paid-In Capital in Excess of Par-Common $261,800 B) debit Stock Dividends $261,800, credit Common Stock Dividend Distributable $561, and credit Paid-In Capital in Excess of Par-Common $261,239 C) debit Stock Dividends $261,800 and credit Cash $261,800 D) debit Common Stock Dividend Distributable $561, debit Paid-In Capital in Excess of Par-Common $261,239, and credit Retained Earnings $261,800