On August 1, 2020, Fickle Feline Inc. declared $184,000 of dividends payable to shareholders on August 15, 2020. There are 25,100 common shares and 2,500, $3 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Fickle Feline Inc. had retained earnings of $2,292,000 at the beginning of 2020 and earned a net income of $636,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on August 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 Record dividend payable Aug 28 Record payment of dividend declared on Aug 1

On August 1, 2020, Fickle Feline Inc. declared $184,000 of dividends payable to shareholders on August 15, 2020. There are 25,100 common shares and 2,500, $3 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Fickle Feline Inc. had retained earnings of $2,292,000 at the beginning of 2020 and earned a net income of $636,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on August 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 Record dividend payable Aug 28 Record payment of dividend declared on Aug 1

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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