Dividend payment procedures At the quarterly dividend meeting, Wood Shoes declared a cash dividend of $0.61 per share for holders of record on Monday, July 10. The firm has 350,000 shares of common stock outstanding and has set a payment date of July 31. Prior to the dividend declaration, the firm's key accounts were as follows $400,000 Dividends payable Retained eamings Cash 24 $2.200,000 a Show the entries after the meeting adjourned. b. When is the er-dividend date? c. What values would the key accounts have after the July 31 payment date? d. What effect, if any, will the dividend have on the firm's total assets? aIn a nafart markal uhat offard if anu will the Anidend have nn the firm'e etnk nrine hirdand data? a. Show the entries after the meeting adjourned. (Round to the nearest dollar) Cash Dividends payable Retained eamings

Dividend payment procedures At the quarterly dividend meeting, Wood Shoes declared a cash dividend of $0.61 per share for holders of record on Monday, July 10. The firm has 350,000 shares of common stock outstanding and has set a payment date of July 31. Prior to the dividend declaration, the firm's key accounts were as follows $400,000 Dividends payable Retained eamings Cash 24 $2.200,000 a Show the entries after the meeting adjourned. b. When is the er-dividend date? c. What values would the key accounts have after the July 31 payment date? d. What effect, if any, will the dividend have on the firm's total assets? aIn a nafart markal uhat offard if anu will the Anidend have nn the firm'e etnk nrine hirdand data? a. Show the entries after the meeting adjourned. (Round to the nearest dollar) Cash Dividends payable Retained eamings

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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Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend payable to common stockholders of $160,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15.
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These account balances at December 31 relate to Sportplace Inc.: Accounts Payable..... $ 51,400 Preferred Shares, $0.01, Accounts Receivable. Common Shares Bonds Payable... 81,150 860,000 shares issued 595,000 Retained Earnings 86,000 71,500 3,100 Notes Receivable 12,600 If the average issue price of Sportplace's outstanding common shares is $11.90, how many common shares are issued and outstanding? OA. 50,000 OB. 595,000 O c. 100,000 OD. Unknown Next