Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 14, Problem 10Q
On April 2, West Company declared a cash dividend of $0.50 per share. There are 50,000 shares outstanding. What is the journal entry that should be recorded?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Crane Corporation has 70,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders 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.
What is the date?
What are the title and explanations?
Is it debit or credit?
On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62 cents per share payable to
stockholders of record on May 20. The dividends will be paid on June 14. The company has 109,000 shares of stock outstanding.
Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
>
Record the appropriate journal entry on April 15 related to the cash dividend.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
April 15
Record entry
Clear entry
View general journal
On July 31, a company declared a cash dividend of SR0.25 per common share to the shareholders of record on August 15. The cash dividend will be paid on August 25. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required on July 31, August 15 and August 25?
Chapter 14 Solutions
Principles of Accounting Volume 1
Ch. 14 - Which of the following is not a characteristic...Ch. 14 - Issued stock is defined as stock that ________. A....Ch. 14 - Your friend is considering incorporating and asks...Ch. 14 - Par value of a stock refers to the ________. A....Ch. 14 - Which of the following is not one of the five...Ch. 14 - When a C corporation has only one class of stock...Ch. 14 - The number of shares that a corporations...Ch. 14 - The total amount of cash and other assets received...Ch. 14 - Stock can be issued for all except which of the...Ch. 14 - A company issued 40 shares of $1 par value common...
Ch. 14 - A company issued 30 shares of $.50 par value...Ch. 14 - A corporation issued 100 shares of $100 par value...Ch. 14 - The date the board of directors votes to declare...Ch. 14 - Which of the following is true of a stock...Ch. 14 - Stockholders equity consists of which of the...Ch. 14 - Retained earnings is accurately described by all...Ch. 14 - If a companys board of directors designates a...Ch. 14 - Corrections of errors that occurred on a previous...Ch. 14 - Owners equity represents which of the following?...Ch. 14 - Which of the following is a measurement of...Ch. 14 - Which of the following measures the portion of a...Ch. 14 - The measurement of earnings concept that consists...Ch. 14 - The correct formula for the calculation of...Ch. 14 - Most analysts believe which of the following is...Ch. 14 - Your corporation needs additional capital to fund...Ch. 14 - How many shares of stock should your new...Ch. 14 - What factors should a new company consider in...Ch. 14 - What are some of the reasons a business owner...Ch. 14 - Why would a company repurchase its own stock?Ch. 14 - The following data was reported by Saturday...Ch. 14 - A corporation issues 6,000 shares of $1 par value...Ch. 14 - When corporations issue stock in exchange for...Ch. 14 - A corporation issues 5,000 shares of $1 par value...Ch. 14 - On April 2, West Company declared a cash dividend...Ch. 14 - When does a corporation incur a liability for a...Ch. 14 - How does a stock split affect the balance sheet of...Ch. 14 - Your friend has questions about retained earnings...Ch. 14 - What does owners equity mean for the owner?Ch. 14 - What types of transactions reduce owners equity?...Ch. 14 - Sometimes financial statements contain errors....Ch. 14 - Retained earnings may be restricted or...Ch. 14 - Which financial statements do you need to...Ch. 14 - Where is EPS disclosed for publicly traded...Ch. 14 - Should investors rely on EPS as an investing tool?...Ch. 14 - What information do you need to calculate the...Ch. 14 - Which is the only ratio required to be reported on...Ch. 14 - You are an accountant working for a company that...Ch. 14 - What is the impact on stockholders equity when a...Ch. 14 - What is the most obvious difference between debt...Ch. 14 - How do creditors assess risk when lending funds to...Ch. 14 - Fortuna Company is authorized to issue 1,000,000...Ch. 14 - James Incorporated is authorized to issue...Ch. 14 - McVie Corporations stock has a par value of $2....Ch. 14 - Anslo Fabricating, Inc. is authorized to issue...Ch. 14 - St. Marie Company is authorized to issue 1,000,000...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Blanket Company has paid quarterly dividends every...Ch. 14 - Farmington Corporation began the year with a...Ch. 14 - Montana Incorporated began the year with a...Ch. 14 - Jesse and Mason Fabricating, Inc. general ledger...Ch. 14 - Roxannes Delightful Candies, Inc. began the year...Ch. 14 - Jupiter Corporation earned net income of $90,000...Ch. 14 - Longmont Corporation earned net income of $90,000...Ch. 14 - James Corporation earned net income of $90,000...Ch. 14 - Your high school friend started a business that...Ch. 14 - You are an accountant working for a manufacturing...Ch. 14 - What is the impact on stockholders equity when a...Ch. 14 - What is the biggest disadvantage to be considered...Ch. 14 - Your high school friend started a business that...Ch. 14 - Spring Company is authorized to issue 500,000...Ch. 14 - Silva Company is authorized to issue 5,000,000...Ch. 14 - Juniper Company is authorized to issue 5,000,000...Ch. 14 - Vishnu Company is authorized to issue 500,000...Ch. 14 - Ammon Company is authorized to issue 500,000...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Nutritious Pet Food Companys board of directors...Ch. 14 - Birmingham Company has been in business for five...Ch. 14 - Chelsea Company is a sole proprietorship. Ashley,...Ch. 14 - Tart Restaurant Holdings, Incorporated began the...Ch. 14 - Josue Fabricating, Inc.s accountant has the...Ch. 14 - Trumpet and Trombone Manufacturing, Inc. began the...Ch. 14 - Brunleigh Corporation earned net income of...Ch. 14 - Errol Corporation earned net income of $200,000...Ch. 14 - Bastion Corporation earned net income of $200,000...Ch. 14 - You are a CPA who has been hired by DEF Company to...Ch. 14 - You are a CPA who has been hired by DEF Company to...Ch. 14 - You are a CPA who has been hired by DEF Company to...Ch. 14 - Wingra Corporation was organized in March. It is...Ch. 14 - Copper Corporation was organized in May. It is...Ch. 14 - EllaJane Corporation was organized several years...Ch. 14 - Aggregate Mining Corporation was incorporated five...Ch. 14 - Aggregate Mining Corporation was incorporated five...Ch. 14 - Aggregate Mining Corporation was incorporated five...Ch. 14 - The board of directors is interested in investing...Ch. 14 - You are a consultant for several emerging,...Ch. 14 - You are the accountant for Kamal Fabricating, Inc....Ch. 14 - You are a consultant working with various...Ch. 14 - You are the president of Duke Company and are...Ch. 14 - You are the president of Duke Company and are...Ch. 14 - Autumn Corporation was organized in August. It is...Ch. 14 - MacKenzie Mining Corporation is authorized to...Ch. 14 - Paydirt Limestone, Incorporated was organized...Ch. 14 - Tent Tarp Corporation is a manufacturer of...Ch. 14 - Tent Tarp Corporation is a manufacturer of...Ch. 14 - Tent Tarp Corporation is a manufacturer of...Ch. 14 - You are a CPA working with sole proprietors....Ch. 14 - You are a consultant for several emerging, high...Ch. 14 - You are the accountant for Trumpet and Trombone...Ch. 14 - You have some funds that you would like to invest...Ch. 14 - You are a consultant working with various...Ch. 14 - Your bakery is incorporated and is looking for...Ch. 14 - Do some research: why did Facebook choose to...Ch. 14 - Do some research: why is Comcast incorporated in...Ch. 14 - On November 7, 2013, Twitter released its initial...Ch. 14 - Research online to find a company that bought back...Ch. 14 - As a bakery business continues to grow, cash flow...Ch. 14 - Use the internet to find a company that declared a...Ch. 14 - Use the internet to find a publicly-held companys...Ch. 14 - Use the internet to find a publicly-held companys...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What is a firms micro environment, and why is it important?
Principles of Management
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
What is the best way to control labor costs? What tools are discussed in the chapter that may be used to help c...
Construction Accounting And Financial Management (4th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
What are the four elements of the budgeting cycle?
Cost Accounting (15th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (5th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- During its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 75,000 shares for cash at $6 per share. July 1 Issued 41,000 shares for cash at $9 per share. What is the date? What is the account title or explanation ? What is debit or credited ?arrow_forwardDuring its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 75,000 shares for cash at $6 per share. July 1 Issued 41,000 shares for cash at $9 per share. Journalize the transactions, assuming that the common stock has a par value of $6 per share. What is the date? What is the title or explanation ? What is debit or credited ?arrow_forwardOn July 3, the Southside Company declared a cash dividend of $0.75 per share. There are 45,000 shares outstanding. What is the journal entry that should be recorded?arrow_forward
- Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Creditarrow_forwardSICO Co. has 8,000 shares issued and outstanding. The per-share par value is $1.5; book value $40 and market value is $52. 8% stock dividend is declared. Instruction: Prepare the journal entries related to: 1- Date of declaration. 2- Date of payment.arrow_forwardA 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 tarrow_forward
- 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.arrow_forwardSICO Co. has 8,000 shares issued and outstanding. The per-share par value is $1.5; book value $40 and market value is $52. 8% stock dividend is declared. Instruction: Prepare the journal entries related to: 1- Date of declaratlon. 2- Date of payment. Essay Toolbar navigation BI U S Aarrow_forwardOn April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 55 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The company has 107,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)arrow_forward
- During its first year of operations, Wildhorse Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 60,000 shares for cash at $7 per share. July 1 Issued 50,000 shares for cash at $10 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in enter o for the amounts.) Date Account Titles and Explanation Debit Creditarrow_forwardDivine Apparel has 3,800 shares of common stock outstanding. On October 1, the company declares a $0.25 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forwardDivine Apparel has 2,900 shares of common stock outstanding. On October 1, the company declares a $0.25 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. a. Record the entry on date of record. b. Record the payment of cash dividends.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Dividend explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=Wy7R-Gqfb6c;License: Standard Youtube License