On December 28, 2020, X Corporation declared $26,000 dividends payable on January 28, 2021. On December 28, 2020, the corporation will record the following in the accounting books: * Debit $26,000 to Dividends, Credit $26,000 to Cash Debit $26,000 to Dividends, Credit $26,000 to Dividends Payable Debit $26,000 to Dividends Payable, Credit $26,000 to Cash

On December 28, 2020, X Corporation declared $26,000 dividends payable on January 28, 2021. On December 28, 2020, the corporation will record the following in the accounting books: * Debit $26,000 to Dividends, Credit $26,000 to Cash Debit $26,000 to Dividends, Credit $26,000 to Dividends Payable Debit $26,000 to Dividends Payable, Credit $26,000 to Cash

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 4.10C

See similar textbooks

Related questions

Q: In 2023, Chen Corporation purchased treasury stock with a cost of $47,000. During the year, the…

A: Cash flow statement provided information about the cash inflows and cash outflows of the company.…

Q: The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are…

A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…

Q: A company receives $50 million by issuing new shares of stock. It uses the cash received to pay off…

A: The issuance of common stock would affect the common stock and the cash received would increase the…

Q: Golden Hawks Inc. reported the following amounts on its statement of financial position at December…

A: The retained earnings for Golden Hawks Inc. are 312000 as calculated below. Hope it helps!!…

Q: The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,405,000,…

A: Operating cash flow, also known as cash flow from operations (CFO), is a measure that reflects the…

Q: The income statement of Armenia Corporation for 2020 included the following items: Interest income…

A: Expenses- An expense is the cost of operations incurred by a corporation in order to generate…

Q: The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,390,000,…

A: Operating cash flow is the amount that is computed by taking into consideration the tax effect on…

Q: Presented below are a number of balance sheet items for Swifty, Inc. for the current year, 2025.…

A: Balance Sheet :— It is one of the financial statement that shows list of final ending balances of…

Q: V ustments to reconcile net income to << WILDHORSE INC. Statement of Cash Flows 10 14

A: In order to evaluate a company's financial performance and long-term viability, cash flow analysis…

Q: urrent liabilities?

A: Current liabilities are the liabilities or the owing's of the business that are to be paid with in…

Q: On July 1, 2021, the assets and liabilities of Lui Company are as follows: Cash, $96,000; Accounts…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: The declaration, record, and payment dates in connection with a cash dividend of $97,000 on a…

A: Dividends are the earnings or profits of the entity which are distributed by it to the shareholders…

Q: XYZ Corp. reported the following activity and balance sheet data for fiscal 2019: • The company…

A: Cash flow from financing activities is a section of the cash flow statement that shows the cash…

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

On December 28, 2020, X Corporation
declared $26,000 dividends payable on
January 28, 2021. On December 28,
2020, the corporation will record the
following in the accounting books:
Debit $26,000 to Dividends, Credit
$26,000 to Cash
Debit $26,000 to Dividends, Credit
$26,000 to Dividends Payable
Debit $26,000 to Dividends Payable,
Credit $26,000 to Cash
O None of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2. Solution

VIEW

Step 3 Conclusion

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
An entity provided the following information on December 31, 2020: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2021 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note payable – 6%, due March 1, 2021 1,500,000 Note payable – 8%, due October 1, 2021 1,000,000 The financial statements for 2020 were issued on March 31, 2021. On March 1, 2021, the 6% note payable was refinanced on a long-term basis. Under the loan agreement for the 8% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2020. What amount should be reported as total current liabilities?
A. Bingo Corporation's board of directors declared a P950,000 cash dividend on March 1, 2018, payable on June 1, to shareholders of record on March 15. Prepare all appropriate entries needed on the declaration, record, and payment dates.
Using the financial statements mentioned above estimate the annual rate of interest paid by the corporation (cost of debt). Also, find the tax rate and capitalization ratio (proportions among equity and debt). Using these values that you have found estimate the annual weighted cost of capital (WACC) of the corporation. Income statement PERIOD ENDING: 12/31/2019 Total Revenue $20,972,000 Cost of Revenue $17,755,000 Gross Profit $3,217,000 OPERATING EXPENSES Research and Development $0 Sales, General and Admin. $938,000 Non-Recurring Items $138,000 Other Operating Items $341,000 Operating Income $1,800,000 Add'l income/expense items $180,000 Earnings Before Interest and Tax $1,993,000 Interest Expense $394,000 Earnings Before Tax $1,599,000 Income Tax $326,000 Minority Interest $13,000 Equity Earnings/Loss Unconsolidated Subsidiary $0 Net Income-Cont. Operations $1,286,000 Net Income $1,273,000 Net Income Applicable to Common Shareholders…
The following journal entries are found in a corporation's ledger: 11/15/17 Cash dividends 44,500 Cash dividends payable 44,500 1/15/18 Cash dividends payable 44,500 Cash 44,500 Which of the following statements is true? Select one: a. The date of record is 11/15/17. b. The date of payment is 11/15/17. c. The declaration date is 12/31/17. d. The date of payment is 1/15/18.
You are auditing the financial statements of Brin Inc. for the year 2020. The details of the unadjusted balances of its Accumulated Profit account are as follows: ACCUMULATED PROFIT Particulars Debit Credit Balance 500,000 540,000 740,000 670,000 690,000 660,000 580,000 150,000 730,000 640,000 Date Beginning Balance Gain on sale of treasury shares Net income for the year Payment of dividends declared in 2018 Paid in capital in excess of par Loss on sale of treasury shares Net loss for the year Net income for the year Payment of dividends declared in 2019 01.01.2018 08.31.2018 40,000 200,000 12.31.2018 02.28.2019 70,000 05.31.2019 20,000 07.31.2019 12.31.2019 12.31.2020 30,000 80,000 12.31.2020 90,000 Your examination disclosed the following: a. Omissions at the end of each year of the following: 2017 4,000 2018 2019 7,000 2020 Merchandise Inventory, end Accrued Expense 3,000 5,000 b. The cost of major repairs on the company's equipment on January 1, 2018 in the amount of P150,000 was…
The declaration, record, and payment dates in connection with cash dividend of $350,000 on a corporation's common stock are February 28, April 1, and May 15. Jornalize the entries required on each date. The declaration, record and payment dates in connection with cash dividend of $350,000 on a corporation's common stock are February 1, March 18, and May 1. Jornalize the entries required on each date. Date Account description Debit Credit
M Corporation compiled the following information on December, 2021 8,40,000 1,90,000 Service Revenue Common Stock Equipment Operating Expense Cash Dividends 254000 7,27,000 2,05,000 64,000 30,000 1,09,000 90,000 Retained Earmings (01/01/20210) 4,51,000 Supplies Accounts Payable Accounts receivable Calculate M Corporation's Shareholder's Equity on December 31, 2021: $690,000 $660,000 $481000 $731000
REQUIRED: In its statement of financial position, how much should be reported by WHITE as its total assets?
San Miguel Corporation provided the following balances on December 31, 2021: Accounts payable 500,000Accrued taxes 100,000Ordinary share capital 5,000,000Dividends - ordinary share 1,000,000Dividends - preference share 500,000Mortgage payable (P500,000 due in 6 months) 4,000,000Note payable, due January 31, 2023 2,000,000Share premium 500,000Preference share capital 3,000,000Premium on note payable 200,000Income summary - credit balance 4,000,000Retained earnings - January 1 2,500,000Unamortized issue cost on note payable 50,000Unearned rent income 150,000 1. What is the amount of noncurrent liabilities on December 31, 2021? 2. What is the amount of retained earnings on December 31, 2021?a. 6,500,000b. 2,500,000c. 1,000,000d. 5,000,000 3. What is the total shareholders’ equity on December 31, 2021?
Prince Corporation's accounts provided the following information at December 31, 2019: Total income since incorporation $840,000 Total cash dividends paid 260,000 Total value of stock dividends distributed 60,000 Additional paid-in capital from treasury stock 140,000 What should be the current balance of retained earnings? a.$670,000 b.$580,000 c.$610,000 d.$520,000