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XYZ Robotics Inc. was organized on January 1, 2019, with 530,000 shares authorized; 190,000 shares were issued on January 5, 2019. XYZ Robotics Inc. earned $250,000 during 2019 and declared a dividend of $0.28 per share on December 16, 2019, payable to shareholders on January 6, 2020. a. Journalize the declaration and payment of the dividend. b. Compute the balance of Retained Earnings on December 31, 2019.

XYZ Robotics Inc. was organized on January 1, 2019, with 530,000 shares authorized; 190,000 shares were issued on January 5, 2019. XYZ Robotics Inc. earned $250,000 during 2019 and declared a dividend of $0.28 per share on December 16, 2019, payable to shareholders on January 6, 2020. a. Journalize the declaration and payment of the dividend. b. Compute the balance of Retained Earnings on December 31, 2019.

FINANCIAL ACCOUNTING
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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XYZ Robotics Inc. was organized on January 1, 2019, with 530,000 shares authorized; 190,000 shares were issued on January 5, 2019. XYZ Robotics Inc. earned $250,000 during 2019 and declared a dividend of $0.28 per share on December 16, 2019, payable to shareholders on January 6, 2020. a. Journalize the declaration and payment of the dividend. b. Compute the balance of Retained Earnings on December 31, 2019.
Transcribed Image Text:XYZ Robotics Inc. was organized on January 1, 2019, with 530,000 shares authorized; 190,000 shares were issued on January 5, 2019. XYZ Robotics Inc. earned $250,000 during 2019 and declared a dividend of $0.28 per share on December 16, 2019, payable to shareholders on January 6, 2020. a. Journalize the declaration and payment of the dividend. b. Compute the balance of Retained Earnings on December 31, 2019.
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