Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 tostockholders of record on December 1. The dividend is paid on December 31.Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries inthe order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and Explanation◄►DebitCredit

Dividends declared = Number of shares Outstanding ×Cash dividend per share = 74000×$2 =$148,000

Answered: Oriole Corporation has 74,000 shares of…

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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After reviewing the new activity-based costing system that Nancy Chen has implemented at IVC's CenterPoint manufacturing facility, Tom Spencer, the production supervisor, believes that he can reduce production costs by reducing the time spent on machine setups. He has spent the last month working with employees in the plant to change over the machines more quickly with the same reliability. He plans to produce 111,000 units of the Sport model and 45,500 units of the Pro model in the first quarter. He believes that with his more efficient setup routine, he can reduce the number of setup hours for both the Sport and the Pro products by 24 percent. Cost Drivers and Cost Driver Volumes-CenterPoint Manufacturing Facility Cost Driver Volume Sport Activity Assembly bullding Assembling Setting up machines Handling material Packaging building Inspecting and packing Shipping Cost Driver Pro Total Machine-hours Setup hours Production runs 7,100 31,100 510 51 38,200 561 51 19 70 Direct labor-hours…
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