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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

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

FINANCIAL ACCOUNTING
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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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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