Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend payable to common stockholders of $160,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15.
Q: 15 Declared a cash dividend payable to common stockholders of $165, 15 Date of record is August 15…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Pina
A: DATE DESCRIPTION POST. REF. DEBIT CREDIT Aug-01 Retained Earnings (5,000,000 shares x…
Q: On November 12, XYZ Corporation declared a total cash dividend of $45,000 for stockholders of record…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: On March 1st, the board of directors of Bubbly Beverage declares a cash dividend of $70,000. The…
A: On March 1st, declaration of cash dividends is done and on March 15th on the date of record no entry…
Q: On March 1, Blue Devil Inc. declared the cash dividends of $44,000 to its common shareholders. Blue…
A: Date Account Titles and Explanation Debit Credit March 1 Cash dividends $44,000…
Q: The declaration, record, and payment dates in connection with a cash dividend of $480,000 on a…
A: Prepare journal entry for the declaration of dividend:
Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…
A: The equity refers to the amount invested by the owners in the business. In the case of a public…
Q: Divine Apparel has 2,900 shares of common stock outstanding. On October 1, the company declares a…
A: Dividend: Dividend is a part of income paid to shareholders of an organization for the investment…
Q: Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash…
A: Date Account Titles Post Ref. Debit ($) Credit ($) Oct 1 Retained earnings 70,000 Dividend…
Q: On May 1, Year 3, Love Corporation declared a $50,000 cash dividend to be paid on May 31 to…
A: Horizontal Statement Model :— Horizontal analysis is used in the review of a company's financial…
Q: On February 13, Solar Company declared a cash dividend of $45,000 to be paid on April 30 to…
A: The cash dividend indicates the portion of earnings declared by the company to be paid to its…
Q: Nov. 12 Declared total cash dividend of $45,000 for stockholders of record November 20 payable on…
A: On the dividend declaration date, the board of directors votes to distribute dividends. The dividend…
Q: The declaration, record, and payment dates in connection with a cash dividend of $659,000 on a…
A: The dividend is considered as a part of the distributable profit distributed by the company to its…
Q: Larkspur, Inc. has 6,700 shares of common stock outstanding. It declares a $2 per share cash…
A: Dividend declared and paid: The majority of dividends are cash dividends, which are distributions…
Q: The declaration, record, and payment dates in connection with a cash dividend of $30,200 on a…
A: The dividends amount is given at $30,200.
Q: How to journalize a cash dividend with multiple dates The declaration, record, and payment dates in…
A: Dividend distribution is a method of distributing profit among the stockholder of the organization.…
Q: ns. The following journal entries D 3 D D Credit 245,000 25,000 126,ᎾᎾᎾ 44,ᎾᎾᎾ 59,900 54,400 30,000…
A: The total number of shares issued and being held by stockholders, including both outside investors…
Q: Entries for cash dividends The declaration, record, and payment dates in connection with a cash…
A: The objective of the question is to understand how to journalize the entries for cash dividends on a…
Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…
A: Introduction: A security that represents ownership of a company is common stock. The board of…
Q: Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued. and outstanding Paid-in…
A: A dividend is paid by a company to its stockholders. A company can pay dividends in cash, property,…
Q: Desert Apparel has 6,000 shares of common stock outstanding. On April 1, the company declares a $2…
A: Given, Number of stocks outstanding = 6,000 Dividend declared = $2
Q: Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal…
A: The journal entries are prepared to record the daily transactions of the business.
Q: Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: declaration, record, and payment dates in connection with a cash dividend of $99,000 on a…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry…
A: Answer:- Journal entry meaning:- Journal entry is the record of all the transactions in the…
Q: Woolford Inc. declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The…
A: Definition: Cash dividends: The amount of cash provided by a corporation out of its distributable…
Q: On June 1, 2018, the board of directors declared a $100,000 cash dividend to be distributed to…
A: Date Accounts Debit Credit June 1 Dividends 100,000 Dividends Payable 100,000…
Q: Hasan Electric declared a dividend of $.48 per share on Monday, October 18. The dividend will be…
A: When it comes to investors, the ex-dividend date is an extremely important marker since it…
Q: Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a…
A: Amount of dividend = No. of shares x dividend per share = 4,000 shares x $0.75 per share = $3,000
Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…
A: Shares outstanding represents the number of shares that have been issued to the shareholders of the…
Q: July 15 Declared a cash dividend payable to common stockholders of $161,000. Aug. 15 Date of…
A: Payment of dividends to the stockholders of the company is a method of distributing profit to the…
Q: The declaration, record, and payment dates in connection with a cash dividend of $98,000 on a…
A: Note: On record date No Entry Required because liability is created on the date of the declaration…
Q: The declaration, record, and payment dates in connection with a cash dividend of $49,500 on a…
A: Cash dividend: The amount of cash provided by a corporation out of its distributable profits to its…
Q: On May 1, Year 1, Love Corporation declared a $51,000 cash dividend to be paid on May 31 to…
A: The accounting equation is a mathematical representation of financial transactions. The accounting…
Q: Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash…
A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…
Q: Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash…
A: Entry for cash dividends is recorded on the date of declaration and payment. Date of record means,…
Q: The following transactions took place for Solar Company. Nov. 12 Declared total cash dividend…
A: Dividends: Dividends, as discussed above, are the amount paid by the company to its stockholders for…
Q: Prepare journal entries for each of the following transactions
A: 1. When the dividend is declared on shares then its liability needs to be recognized in the books.…
Q: The declaration, record, and payment dates in connection with a cash dividend of $195,000 on a…
A: The question is based on the concept of Financial Accounting.
Q: Record entries (if necessary) for the following transactions. Note: If no entry is required for a…
A: Dividends refers to the return paid to the shareholders by the company on the investment made in…
Q: On March 15, American eagle declares a quarterly cash dividend of $0.035 per-share payable on April…
A: >Dividends are the payment made to the stockholders (common stockholders and preferred stock…
Q: On May 1, Year 3, Love Corporation declared a $94,200 cash dividend to be paid on May 31 to shareho…
A: All assets must equal all liabilities plus all equity, which means that the accounting equation must…
Q: Bramble Inc. declared a cash dividend of $1.15 per share on its 4 million outstanding shares. The…
A: Cash dividend: The amount of cash provided by a corporation out of its distributable profits to its…
Q: On May 1, Year 3, Love Corporation declared a $57,700 cash dividend to be paid on May 31 to…
A: Date Accounts Debit Credit May 1 Retained earnings 57,700 Dividend payable…
Prepare
July 15 | Declared a cash dividend payable to common stockholders of $160,000. |
---|---|
August 15 | Date of record is August 15 for the cash dividend declared on July 15. |
August 31 | Paid the dividend declared on July 15. |
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 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.Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $96,000 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. Oct. 1 - Select - - Select - - Select - - Select - Nov. 7 - Select - - Select - - Select - - Select - Dec. 15 - Select - - Select - - Select - - Select -American Laser, Inc., reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation. Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings. Cash Common Stock, 10,000 shares of $1 part Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement View transaction list General Journal
- On May 1, Year 3, Love Corporation declared a $60,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Date May 1 May 31 Assets Balance Sheet Liabilities + + + Common Stock LOVE CORPORATION Horizontal Statements Model + + Retained Earnings Revenue Income Statement Expense ||||| = Net Income Statement of Cash FlowA company declared a cash dividend of $.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. What is the entry to record the payment on the payment date? O debit Common Dividend Payable 35,000 and credit Cash 35,000 O debit Common Dividend Payable 175,000 and credit Cash 175,000 O no entry on payment date O debit Retained Earnings 175,000; credit Common Dividend Payable 175,000 79°F Rain tEntries for selected corporate transactionsMorrow Enterprises Inc. manufactures bathroom fixtures. The stockholders'equity accounts of Morrow Enterprises Inc., with balances on January 1,20Y5, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders'equity accounts listed. Also prepare T accounts for the following: Paidin Capital from Sale of Treasury Stock: Stock Dividends Distributable;Stock Dividends; Cash Dividends. 2. Journalize the entries to record the totions and post to the eightselected accounts.S. Prepare a retained earnings statement for the year ended December1, 20Y5.4. Prepare the Stockholders' Equity section of the December $1, 20Y5,balance sheet using Method 1 of Exhibit 8.
- The declaration, record, and payment dates in connection with a cash dividend of $115,900 on a corporation's common stock are January 12, March 13, and April 12. Required: 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.On May 1, Year 1, Love Corporation declared a $47,700 cash dividend to be paid on May 31 to shareholders of record on May 15. Required a. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. b. Prepare journal entries for all events associated with the dividend. Complete this question by entering your answers in the tabs below. Required A Required B Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an op (OA), investing activity (1A), or financing activity (FA). Leave blank to indicate that an element was not affected by the event. Enter amounts to be deducted and cash out minus sign.) Date May 01 May 15 May 31 Assets Balance Sheet Liabilities + * LOVE CORPORATION Horizontal Statements Model Common Stock Retained Earnings Revenue Required A Statement Expenses Net Income Required B > Statement of Cash FlowsThe declaration, record, and payment dates in connection with a cash dividend of $108,000 on a corporation's common stock are July 9, August 31, and October 1. 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.
- 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.The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co.,…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.
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)