journal entry for dividends Prepares a journal entry on January 25 for the payment of dividends of $16,000. Journal entry for dividends Prepares a journal entry on June 30 for the payment of dividends of $11,500.
Q: Acme Company has received its bank statement for the month ending May 31, which showed the…
A: The procedure of bank reconciliation outlines the reasons why a company's cash book and bank…
Q: Lany Co. received a government grant of P2,000,000 related to a factory building that it purchased…
A: An entity receives financial help from the government under the terms of a grant when it complies…
Q: Find the total monthly payment, including taxes and insurance. Mortgage $89,060 Interest Rate 3.5%…
A: It has been provided: Mortgage = $89,060.00 Interest rate = 3.50% Term of loan = 10.00 Compounding…
Q: Time and Again Company makes clocks. The fixed overhead costs for 2020 total $900,000. The company…
A: INTRODUCTION: Costs associated with running a firm that cannot be immediately linked to a particular…
Q: .05 dividend in one year; its equity cost of capital is 11%. What price must y
A: Answer :Equity cost of capital = (D1/Current price )+ 0.11 = (2.05 / 54.38) + Growth rate Growth…
Q: The current spot rate between the U.S. dollar and the Swedish krona Is $1 = 6.8682 krona. Assume the…
A: PURCHASE POWER PARITY Purchasing Power Parity theory is tells about the price differentials…
Q: Donald's Inc. would like to declare dividends. Partial financial information for Donald's Inc. is…
A: Introduction: Company can declare and pay dividends to the extent of amount available in the…
Q: A certain state uses the following progressive tax rate for calculating individual income tax:…
A: Tax liability is the obligation that a taxpayer has to pay on its income. It is paid to the…
Q: Journalise: Furniture purchased for cash $10,000 Goods sold on credit to John $1,600 The commission…
A: INTRODUCTION: Journal is the premier entry book, often known as the original entry book. The most…
Q: At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings The…
A: Common stock is issued to existing or new shareholders to procure funds for the business activities.…
Q: Give and explain three examples of how data analytics can be useful to an accountant
A: Accounting is the process of tracking and recording the financial or monetary transactions of an…
Q: NoGrowth Corporation currently pays a dividend of $0.45 per quarter, and it will continue to pay…
A: According to Gordon Model, if there is no growth then P0 = D/Ke Where, P0 = Current Stock Price…
Q: 2. Complete the following: Merchandise Purchases Budget Budgeted cost of goods sold Add desired…
A: Beginning inventory is the inventory at the start of any period. For the start of the period, the…
Q: Shepard Construction Company has consistently used the percentage-of-completion method. On January…
A: Introduction: When an organization follows percentage of completion method for recognizing revenue…
Q: Calculate the sales charge and dollars and the sales charge percent for the mutual fund round…
A: 1. Sales charge: A sales charge is an additional fee paid by an investor that is used to compensate…
Q: Given the following information [daily basis] on a manufacturing company, calculate (a) contribution…
A: Contribution margin per unit = Selling price per unit - Variable cost per unit Total contribution…
Q: 13. Pat Ernst is the controller of J-Products, Inc. At December 31, the end of its first year of…
A: Investment in trading securities are securities held by the company for making profit from buying…
Q: When using the product cost method of applying the cost-plus approach to product pricing, which of…
A: Product cost is the cost involved in making the product. The mark-up is the margin on the cost to…
Q: Choose the response that correctly states the maximum penalty the IRS can assess against a paid tax…
A: who fails to satisfy the due diligence requirements when preparing a return for an individual.…
Q: Current Attempt in Progress On January 1, 2024, Headlands Ltd., a private company reporting under…
A: INTRODUCTION: The basic parts for resolving these and other problems can be found in journal…
Q: axpayer X and taxpayer Y each qualify for the maximum EITC. Taxpayer X has three qualifying children…
A: EITC this is earned child credit in taxation. EITC depends on the number of childrens you have and…
Q: If a company decides to increase its ratio of total debt / total assets from 30% to 50% as a means…
A: Return on assets is the ratio which shows the percentage of return generated by the total assets of…
Q: Renee's Boutique, Inc., needs to raise $58.13 million to finance firm expansion. In discussions with…
A: Particulars Amount in $ (Millions) a Amount of Finance required for firm expansion 58.13…
Q: Construction expects to complete its P1,500,000 fixed price contract at a total costof Pl 250 000…
A: Construction Contract - A construction contract is a written agreement between two parties that is…
Q: Roll Board Inc. manufactures several models of high-quality skateboards. The company's ABC system…
A: MARGIN Margin is Computed by deducting Total Cost from Total Sales Value. In other word Margin…
Q: hich of the following segment performance measures will decrease if there is an increase in the…
A: Answer :If there is an increase in interest expenses for segment there will be no decrease in return…
Q: The maturity value of a savings account that belonged to Peach Company was $44,418.50. The interest…
A: PRESENT VALUE Present value, also known as Present Discounts value, is the value of an expected…
Q: Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The…
A: The contribution margin takes into consideration only the variable expenses incurred by the company.…
Q: Required: 1. Present component percentages for Year 2 only. (Input all amounts as positive values.…
A: Component Percentage is a method of Financial Statement Analysis under which we can easily analyze…
Q: A hotel offers a couples weekend package plan for $500. This plan includes accommodations for two…
A: Revenue is the earnings of an entity. It could be either by selling or providing services. It is…
Q: Kellen dies. Kellen's wife died 5 years ago. Kellen's gross estate is valued at $12 million. His…
A: Estate tax refers to the amount of tax levied by the federal government of US on the transfer of…
Q: OA $27,800 OB. $3,100 OC. $3,140 OD. $3,000
A: Answer : Cash receipt for interest = Beginning interest received + Interest revenue - Ending…
Q: Q. In 2006, Jarrett Company purchased a tract of land as a possible future plant site. In January,…
A: INTRODUCTION: Costs incurred in order to produce income are known as expenses. The cost of products…
Q: Daniels Company made the following selected transactions during May: 1. Received cash from sale of…
A: (1) Effect of 1st Transaction- Received cash from sale of stock $55,000 Entry:…
Q: Briefly describe the sequence of the budgeting process.
A: The strategic implementation of a business plan is budgeting. A fully descriptive business plan with…
Q: Give three reasons why some private companies haven’t adopted the private companies GAAP.
A: GAAP can be elaborated as Generally accepted accounting principles. They are generally accepted…
Q: Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $183,650 has an…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: What are the Microsoft Excel formulaues used to input these? Is there a way to show each formula for…
A:
Q: The Ski department reports sales of $625,000 and cost of goods sold of $437,500. Its expenses…
A: Income Statement :— It is one of the financial statement that shows profitability of company during…
Q: As the new accountant for Cohen & Company, you have been asked to provide a succinct analysis of…
A: ANSWER In calculation of flexible budget it uses selling price per unit and variable costs per unit…
Q: Common stock ($10 par value; 48,000 shares outstanding) Preferred stock, 15% ($15 par value; 9,500…
A: Note: 1 ) Preference shareholders are eligible for the dividend to be paid first. 2 ) Cumulative…
Q: Direct Labor Variances The following data relate to labor cost for production of 6,700 cellular…
A: Formulas Direct labour rate variance = [Actual hours *(Standard Rate - Actual Rate)]…
Q: Sarah has received her bank statement for the month ending November 30, which showed the following:…
A: Answer to Question:- BANK…
Q: A firm with sales of $1,000,000, net profits after taxes of $30,000, total assets of $1,500,000, and…
A: INTRODUCTION: The return on equity (ROE) of a company measures how well it generates profits for its…
Q: tps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%…
A: CASH BUDGET Cash Budget is estimated receipts and expenses for a definite period, which usually…
Q: 12. What are the valuation guidelines for trading and available-for-sale investments at a balance…
A: Trading and available-for-sale investments are financial securities held by the business to generate…
Q: waldo is planning to start company select advantage, disadvantage, or does not apply to explain…
A: The form and type of business corporation depends on the level of resources associated and Risk…
Q: A trustee has been appointed for Pace Incorporated, which is being liquidated under Chapter 7 of the…
A: Sales on accounts are recorded in accounts receivables and Purchases on account are recorded in…
Q: 1. In a wash sale, loss is not deductible 2. In a merger or consolidation, or transfer to a…
A: Wash sale is a transaction in which an investor sells or trades security in a loss and purchases…
Q: Chadwick Enterprises, Incorporated, operates several restaurants throughout the Midwest. Three of…
A: Impairment loss is the term for a decrease in an asset's fair value that lowers its carrying amount.…
Journal entry for dividends Prepares a journal entry on June 30 for the payment of dividends of $11,500.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Prepare a journal entry on June 30 for dividends of $23,500. Refer to the Chart of Accounts for exact wording of account titles.The declaration, record, and payment dates in connection with a cash dividend of $63,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Oct. 1 Nov. 7 Dec. 15Instructions The declaration, record, and payment dates in connection with a cash dividend of $108,000 on a corporation's common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account filles Journal POST REF DEBIT DATE CR
- On January 1, 2022, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a corporation’s common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess…Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per share. August 22 Sold 3,100 of its treasury shares at $20 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger View…
- Entries for cash dividends The declaration, record, and payment dates in connection with a cash dividend of $425,000 on a corporation’s common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. Date Account Debit Credit Oct. 1 Nov. 7 Dec. 15The declaration, record, and payment dates in connection with a cash dividend of $659,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.On May 1, Year 1, Love Corporation declared a $97,400 cash dividend to be paid on May 31 to shareholders of record on May 15. a. Prepare journal entries for all events associated with the dividend. Prepare the closing entry on December 31 for dividends.
- CASH DIVIDENDS AND INCOME TAXES During the year ended December 31, 20-2, Tatu Company completed the following selected transactions: REQUIRED Prepare journal entries for the transactions.A company declares a cash dividend of $50,000 on November 5th and records the stockholders on December 1st. The dividends were paid on Jan 5th. Prepare the journal entries related to these dividend transactions.On January 1, 2022, the stockholders' equity section of Bramble Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. 1 Sold 12,000 treasury shares for cash at $17 per share. Sold 10,000 treasury shares for cash at $14 per share. July Sept. 1