On July 1, 2015, NTC had outstanding 10,000 common shares, (originally sold at $12); the quoted...

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On July 1, 2015, NTC had outstanding 10,000 common shares, (originally sold at $12); the quoted market price currently is $16

business accounting

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Answer 1

Answer #1

Par value of shares = 10000*10 = 100000

Journal entry

At the time of declaration

Retained earnings a/c Dr 10000 (100000*10%)

To dividend payable a/c 10000

At the time of payment

Dividend payable a/c Dr 10000

To bank a/c . 10000

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Answer 2

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On July 1, 2015, NTC had outstanding 10,000 common shares, (originally sold at $12); the quoted...

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On July 1, 2015, NTC had outstanding 10,000 common shares, (originally sold at $12); the quoted...

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On January 1, 2015, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1,...

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On January 1, 2018, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold...

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On July 1, 2015, NTC had outstanding 10,000 common shares, (originally sold at $12); the quoted...

Homework Answers

Add Answer to: On July 1, 2015, NTC had outstanding 10,000 common shares, (originally sold at $12); the quoted...

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Add Answer to:
On July 1, 2015, NTC had outstanding 10,000 common shares, (originally sold at $12); the quoted...