Homework Answers
Requirement 1:
| Date | Account title and explanation | Debit | Credit |
| Jan 15,2020 | Retained earnings [210,000 x 15%] x $18.90 | $595,350 | |
| Common Shares dividends payable | $595,350 | ||
| [To record declaration of common shares dividend] | |||
| Jan 30,2020 | Common Shares dividends payable | $595,350 | |
| Common shares | $595,350 | ||
| [To record distribution of shares dividends] |
Requirement 2:
| Arcus Development Inc. | |
| Balance Sheet(partial) | |
| Shareholders' Equity: | |
| Common shares | $3,955,350 |
| Retained earnings | $577,150 |
| Total shareholders' equity | $4,532,500 |
Explanation:
| Common shares: | |
| Beginning, Jan 1,2020 | $3,360,000 |
| Shares dividend | $595,350 |
| Ending, Dec 31,2020 | $3,955,350 |
| Retained Earnings: | |
| Retained earnings, Jan 1,2020 | $575,000 |
| Net income | $597,500 |
| Shares dividends | ($595,350) |
| Retained earnings, Dec 31,2020 | $577,150 |
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Please show calculations so I would actually understand it thank you so much. Pacifica Papers Inc....
Please show calculations so I would actually understand it thank
you so much.
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Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of...
Pacifica Papers Inc. needed to conserve cash, so instead of a
cash dividend the board of directors declared a 5% common share
dividend on June 30, 2020, distributable on July 15, 2020. Because
performance during 2020 was better than expected, the company’s
board of directors declared a $0.95 per share cash dividend on
November 15, 2020, payable on December 1, 2020, to shareholders of
record on November 30, 2020. The equity section of Pacifica’s
December 31, 2019, balance sheet showed:...
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Please show calculations so I would actually understand it thank
you so much.
Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of directors declared a 5% common share dividend on June 30, 2020, distributable on July 15, 2020. Because performance during 2020 was better than expected, the company's board of directors declared a $0.95 per share cash dividend on November 15, 2020, payable on December 1, 2020, to shareholders of record on November...
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Pacifica Papers Inc. needed to conserve cash, so instead of a
cash dividend the board of directors declared a 5% common share
dividend on June 30, 2020, distributable on July 15, 2020. Because
performance during 2020 was better than expected, the company’s
board of directors declared a $0.95 per share cash dividend on
November 15, 2020, payable on December 1, 2020, to shareholders of
record on November 30, 2020. The equity section of Pacifica’s
December 31, 2019, balance sheet showed:...
Exercise 13-18 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: 14.32 points e ook Common stock-$25 par value, 50,000 shares authorised, 30,000 shares issued and outstanding Paid-in capital in excess of par valve, conton bok Retained earnings Total stockholders' equity $750,000 50,000 340,000 $1,140,000 Hint Print In year 2017, the following transactions affected its stockholders' equity accounts. References 2 Purchased 3,000 shares...
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