Cash Dividends The date of declaration, date of record, and date of payment in connection with...
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Cash Dividends
The date of declaration, date of record, and date of payment in connection with a cash dividend of $1,200,000 on a corporation’s common stock are June 1, July 15, and August 14, respectively.
Illustrate the effects on the accounts and financial statements for June 1. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity = + June 1. Statement of Cash Flows Income Statement Illustrate the effects on the accounts and financial statements for July 15. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity = + July 15. Statement of Cash Flows Income Statement Illustrate the effects on the accounts and financial statements for August 14. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity = + Aug. 14. Statement of Cash Flows Income Statement
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Homework Answers
June 1 - Date of declaration of cash dividend
Balance sheet
| Assets | Liabilities + Stockholders' equity | |
| + 1,200,000 | - 1,200,000 | |
July 15 - Record date
On the record date, no transaction takes place, hence there will be no effect on the balance sheet, statement of cash flows and income statement.
August 14 - Date of payment of cash dividend
Balance sheet
| Assets | Liabilities + Stockholders' equity | |
| - 1,200,000 | - 1,200,000 | |
Statement of Cash Flows = Decrease by $1,200,000
Income statement = No effect
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Cash Dividends
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