Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 96,000 shares of $9 par common stock. 2. 6,000 shares of $70 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Required A Required B

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Chapter1: Financial Statements And Business Decisions
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Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:
1. 96,000 shares of $9 par common stock.
2. 6,000 shares of $70 par, 6 percent, noncumulative preferred stock.
On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per share
dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.
Required
a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.
b. Prepare general journal entries to record the declaration and payment of the cash dividends.
Complete this question by entering your answers in the tabs below.
Required A Required B.
Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.
Preferred stock
Common stock
Total dividend
Required A
Required B >
Transcribed Image Text:Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 96,000 shares of $9 par common stock. 2. 6,000 shares of $70 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Required A Required B. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend Required A Required B >
Complete this question by entering your answers in the tabs below.
Required A Required B
Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
View transaction list
1 On June 10, Weaver Corporation declared the annual
cash dividend on its 6,000 shares of preferred stock and
a $4 per share dividend for the common shareholders.
2 The shareholders on record on June 20 will receive a
dividend payment to be paid July 1.
3 On July 1, the dividends are paid to the shareholders of
record on June 20.
4
On December 31, the closing entry for dividends is
recorded.
Note
journal entry has been entered
Record entry
View transaction list
K
Journal entry
worksheet
Clear entry
2
Show Transcribed Text
Complete this question by entering your answers in the tabs below.
3
Required A Required B
Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
Record entry
G
Note: Enter debits before credits.
Date
June 10
4
X
1
General Journal
on its
common
Clear entry
Credit
On June 10, Weaver Corporation declared the annual cash dividend on its
6,000 shares of preferred stock and a $4 per share dividend for the common
shareholders.
< Required A
View general journal
▶
Debit Credit
View general journal
Required >
>
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per share dividend for the common shareholders. 2 The shareholders on record on June 20 will receive a dividend payment to be paid July 1. 3 On July 1, the dividends are paid to the shareholders of record on June 20. 4 On December 31, the closing entry for dividends is recorded. Note journal entry has been entered Record entry View transaction list K Journal entry worksheet Clear entry 2 Show Transcribed Text Complete this question by entering your answers in the tabs below. 3 Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record entry G Note: Enter debits before credits. Date June 10 4 X 1 General Journal on its common Clear entry Credit On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per share dividend for the common shareholders. < Required A View general journal ▶ Debit Credit View general journal Required > >
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