Question

Brief Exercise 15-10 Woolford Inc. declared a cash dividend of $1 per share on its 2 million outstanding shares. The dividend

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution:-

Date Account Titles and Explanation Debit Credit
Aug 1

Retained Earnings

2,000,000

Dividends Payable

2,000,000
Aug 15

No Entry

Sep 09 Dividends Payable

2,000,000

Retained Earnings

2,000,000

Please Rate or comment if you have any doubt regarding this solution.

Add a comment
Answer #2

Sept 09

Dividend payable            2,000,000

    Cash                                                        2,000,000

Dividend payable to all stockholders should be cash not retained earnings

Add a comment
Know the answer?
Add Answer to:
Brief Exercise 15-10 Woolford Inc. declared a cash dividend of $1 per share on its 2...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Splish Inc. declared a cash dividend of $2.15 per share on its 4 million outstanding shares....

    Splish Inc. declared a cash dividend of $2.15 per share on its 4 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates. (Enter answers in dollars. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts.) Date...

  • Brief Exercise 15-08 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On...

    Brief Exercise 15-08 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...

  • Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the...

    Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the securities were carried in Cole's accounting records at their cost of $875,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates....

  • Brief Exercise 15-11 Cheyenne Inc. owns shares of Ayayai Corporation stock. At December 31, 2017, the...

    Brief Exercise 15-11 Cheyenne Inc. owns shares of Ayayai Corporation stock. At December 31, 2017, the securities were carried in Cheyenne’s accounting records at their cost of $979,000, which equals their fair value. On September 21, 2018, when the fair value of the securities was $1,092,000, Cheyenne declared a property dividend whereby the Ayayai securities are to be distributed on October 23, 2018, to stockholders of record on October 8, 2018. Prepare all journal entries necessary on those three dates....

  • Why is the 0 entry red? Cole Inc. owns shares of Marlin Corporation stock. At December...

    Why is the 0 entry red? Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the securities were carried in Cole’s accounting records at their cost of $875,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Help with the red entries ?!...

  • *Exercise 15-12 Culver Corporation has 12.20 million shares of common stock issued and outstanding. On June...

    *Exercise 15-12 Culver Corporation has 12.20 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 81 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...

  • On September 15, 2020, the Board of Directors of Tamarisk Company declared a 90¢ per share...

    On September 15, 2020, the Board of Directors of Tamarisk Company declared a 90¢ per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Tamarisk Company had 205,000 common shares outstanding, of which 27,000 were held in Treasury. On October 15, 2020, the company issued an additional 60,000 common shares for $6.00 each. Prepare all the required journal entries to record these transactions. (Credit account titles are automatically indented...

  • Exercise 15-13 The common stock of Marigold Inc. is currently selling at $114 per share. The...

    Exercise 15-13 The common stock of Marigold Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $69 per share. 9.70 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (Enter amounts in dollars. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...

  • Splish Brothers Inc. has 71,000 shares of common stock outstanding. It declares a $2 per share...

    Splish Brothers Inc. has 71,000 shares of common stock outstanding. It declares a $2 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. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...

  • Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the...

    Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT