Lamas Foods has outstanding 500 $11. 00 preferred shares and 1,200 common shares. Mama's declares dividends of $ 16,300
Lamas Foods has outstanding 500 $11. 00 preferred shares and 1,200 common shares. Mama's declares dividends of $ 16,300. The correct entry is
Homework Answers
1.The dividends are first shared to preferred stock and later the balance is being alloted to Equity share holders.The preference shares are issued by agreeing for a certain percentage of return to be paid .
Normally, The dividend declared is routed through dividend declared account which ultimately goes to retained earnings but in the above case ,The company is directly transferring it to retained earnings for avoiding multiple ledgers.
D. Retained earnings Dr 16300
Dividends payable ,preferred 5500
Dividends payable ,common 10800
(Being dividend declared is directly routed through retained earnings)
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Lamas Foods has outstanding 500 $11. 00 preferred shares and 1,200 common shares. Mama's declares dividends of $ 16,300
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