Hello, I need formulas explaining the answers, thank you. **The Growing Company: Common Stock Information as of October 21, 2018**- **Authorized shares**: 5,000,000- **Issued shares**: 3,700,000- **Treasury stock shares**: 245,000The Board of Directors declared a dividend of $0.35 per outstanding share of common stock.**Task Required:**Prepare the journal entry for the declaration of dividends. ---**Explanation:**The information provided includes the total number of authorized, issued, and treasury stock shares of The Growing Company. With the declaration of a dividend of $0.35 per outstanding share, the calculation would involve determining the number of outstanding shares (issued shares minus treasury shares) and multiplying by the dividend per share to prepare the required journal entry for the dividends declared.

Dividend distribution is a method of distributing profit among the stockholder of the organization. The preferred stockholder has the right to receive dividends first in comparison to the common stockholder at a fixed percentage.Dividend distributable = Issued share * Per share = 3700,000 * 0.35 = 1295,000

Business

Accounting

5 The Growing Company has provided the following information about their Common Stock as of October 21, 2018 Authorized shares 5,000,000 Issued shares 3,700,000 Treasury stock shares 245,000 Board of Director declared a dividend of $.35 per outstanding shares of Common stock Required Prepare the journal entry when the dividends were declared.

5 The Growing Company has provided the following information about their Common Stock as of October 21, 2018 Authorized shares 5,000,000 Issued shares 3,700,000 Treasury stock shares 245,000 Board of Director declared a dividend of $.35 per outstanding shares of Common stock Required Prepare the journal entry when the dividends were declared.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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