FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 11, Problem 6QS
To determine
Introduction: Dividends are the part of profit distributed to its shareholders by a corporation, board of directors takes the decision regarding the declaration of dividends, it is in the discretion of directors whether to pay dividends or not.
The
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Entries for cash dividends
The declaration, record, and payment dates in connection with a cash dividend of $425,000 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.
Date
Account
Debit
Credit
Oct. 1
Nov. 7
Dec. 15
July 15 Declared a cash dividend payable to common stockholders of $165,000.
Aug. 15 Date of record is August 15 for the cash dividend declared on July 15.
Aug. 31 Paid the dividend declared on July 15.
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Journal entry worksheet
1
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Record the declaration of a cash dividend payable to common stockholders.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Jul 15
8:40 PM
3/27/202
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Entries for Cash Dividends
The declaration, record, add payment dates in connection with a cash dividend of $69,400 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, select "No entry required" and leave the amount boxes blank.
July 9
Aug. 31
Oct. 1
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4/6/202
Chapter 11 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 11 - Prob. 1MCQCh. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQ
Ch. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Refer to the 2017 balance sheet for Google in...Ch. 11 - Prob. 17DQCh. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 16QSCh. 11 - Prob. 17QSCh. 11 - Accounting for changes in estimates; error...Ch. 11 - Prob. 19QSCh. 11 - Prob. 20QSCh. 11 - Prob. 21QSCh. 11 - Prob. 22QSCh. 11 - Dividend yield A3 Foxburo Company expects to pay a...Ch. 11 - Prob. 24QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Prob. 20ECh. 11 - Prob. 21ECh. 11 - Prob. 1PSACh. 11 - Prob. 2PSACh. 11 - Prob. 3PSACh. 11 - Prob. 4PSACh. 11 - Prob. 5PSACh. 11 - Prob. 1PSBCh. 11 - Prob. 2PSBCh. 11 - Prob. 3PSBCh. 11 - Prob. 4PSBCh. 11 - Prob. 5PSBCh. 11 - Prob. 11SPCh. 11 - Prob. 1GLPCh. 11 - Prob. 2GLPCh. 11 - Prob. 1AACh. 11 - Prob. 2AACh. 11 - Prob. 3AACh. 11 - Prob. 1BTNCh. 11 - Prob. 2BTNCh. 11 - Prob. 3BTNCh. 11 - Prob. 4BTNCh. 11 - Prob. 5BTNCh. 11 - Prob. 6BTN
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- Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 20Y3, are as follows: The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of 0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for 34,320. Mar. 15. Sold all of the treasury stock for 6.75 per share. Apr. 13. Issued 200,000 shares of common stock for 8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is 7.50 per share. July 16. Issued the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for 6 per share. Dec. 30. Declared a 0.08-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions and post to the eight selected accounts. 3. Prepare a retained earnings statement for the year ended December 31, 20Y3. 4. Prepare the Stockholders Equity section of the December 31, 20Y3, balance sheet Using Method 1 of Exhibit 8.arrow_forwardEntries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Navo-Go Enterprises stockholders equity accounts, with balances on January 1, 20Y1, 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: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of 775,000 to the retained earnings account. 3. Prepare a statement of stockholders equity for the year ended December 31, 20Y1. Assume that net income was 775,000 for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y1, balance sheet.arrow_forwardJournal entry worksheet く 1 2 3 4 5 6 7 8 Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. Date January 05 Supplies General Journal Debit Credit Common dividend payable 13arrow_forward
- Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $26,000 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, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Cash Dividends Cash Dividends Payable Aug. 31 No Entry Required No Entry Required Oct. 1 Cash Dividends Payable Casharrow_forwardEntries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $57,700 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, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1arrow_forwardSubject: accountingarrow_forward
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- Entry should have narration pleasearrow_forwardEntries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $195,000 on a corporation's common stock are February 1, March 18, and May 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Feb. 1 Mar. 18 May 1 భాతంతడడడarrow_forwardJuly 15 Declared a cash dividend payable to common stockholders of $161,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. Prepare journal entries to record the above transactions for Emerson Corporation.arrow_forward
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Dividend explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=Wy7R-Gqfb6c;License: Standard Youtube License