Homework Answers
4. No. of Shares outstanding for Dividend purpose = Authorized shares - Treasury stock - Unissued stock
= 600,000 - 20,000 - 50,000
= 530,000 shares
Dividend = 530,000 shares * $0.35 = $185,500
Journal Entries:
May 1 Retained Earnings $185,500
Dividend Payable $185,500
July 1 Dividend Payable $185,500
Cash $185,500
5. Dividend = No. of shares outstanding * $0.15 = 425,000 shares * $0.15 = $63,750
Journal Entries:
May 1 Retained Earnings $63,750
Dividend Payable $63,750
July 1 Dividend Payable $63,750
Cash $63,750
Note: Dividend is not paid on treasury stock and unissued stock but paid on shares outstanding.
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