On November 12, XYZ Corporation declared a total cash dividend of $45,000 for stockholdersof record on November 20 and payable on December 1. (a) Journalize the entries requiredon November 12, November 20, and December 1. (b) Briefly describe the significance ofNovember 20.

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Answered: On November 12, XYZ Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The board of directors declared cash dividends totaling $229,400 during the current year. The comparative balance sheet indicates dividends payable of $57,400 at the beginning of the year and $51,700 at the end of the year. What was the amount of cash payments to stockholders during the year?
The declaration, record, and payment dates in connection with a cash dividend of $49,200 on a corporation's common stock are January 12, March 13, and April 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
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The declaration, record, and payment dates in connection with a cash dividend of $108,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date. If no entry is required, select "No Entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 15 fill in the blank 972f06f4bf8cfd4_2 fill in the blank 972f06f4bf8cfd4_3 fill in the blank 972f06f4bf8cfd4_5 fill in the blank 972f06f4bf8cfd4_6 Feb. 15 fill in the blank 4668b3058fc3fc5_2 fill in the blank 4668b3058fc3fc5_3 fill in the blank 4668b3058fc3fc5_5 fill in the blank 4668b3058fc3fc5_6 Mar. 15 fill in the blank 64dc9afe8ffe040_2 fill in the blank 64dc9afe8ffe040_3 fill in the blank 64dc9afe8ffe040_5 fill in the blank 64dc9afe8ffe040_6
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On November 12, XYZ Corporation declared a total cash dividend of $45,000 for stockholders of record on November 20 and payable on December 1. (a) Journalize the entries required on November 12, November 20, and December 1. (b) Briefly describe the significance of November 20.