A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstandi...
A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstanding. The journal entry to record the declaration of the cash dividend is:
Debit Common Dividend Payable $12,000; credit Cash $12,000.
Debit Dividend Expense $12,000; credit Common Dividend Payable $12,000.
Debit Common Dividend Payable $12,000; credit Retained Earnings $12,000.
Debit Dividend Expense $12,000; credit Cash $12,000.
Debit Retained Earnings $12,000; credit Common Dividend Payable $12,000
Homework Answers
Correct answer------------Debit Retained Earnings $12,000; credit Common Dividend Payable $12,000.
.
Declaration of dividend and payment of dividend are two different things. Dividend declaration entry will include creating a liability for dividend payable. Cash account will be credited when cash is actually paid to stockholders.
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A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstandi...
QUESTION 30 A company's board of directors votes to declare a cash dividend of $1.00 per...
QUESTION 30 A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12.000 common shares outstanding. The journal entry to record the declaration of the cash dividend is
A company's board of directors votes to declare a cash dividend of $.95 per share of...
A company's board of directors votes to declare a cash dividend of $.95 per share of common stock. The company has 19,000 shares authorized, 14,000 issued, and 13,500 shares outstanding. The total amount of the cash dividend is: $26,125. $18,050. $17,050. $12,825. $13,300.
A company's board of directors votes to declare a cash dividend of $1.30 per share of...
A company's board of directors votes to declare a cash dividend of $1.30 per share of common stock. The company has 26,000 shares authorized, 21000 Issued. and 20,500 shares outstanding. The total amount of the cash dividend is: 1 o $27,300. o $53,950. o $26,650. o $32 800. o $33,800.
A company’s board of directors' votes to declare a cash dividend of 75 cents from share...
A company’s board of directors' votes to declare a cash dividend of 75 cents from share of common stock. The company has 15,000 shares authorized, 10,000 issued, and 9500 shares outstanding. What is the total amount of the cash dividend
journal Cash dividends involve three events. On the date of declaration, the directors bind the company...
journal
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the...
The board of directors declared a $2 per share cash dividend on common stock and the...
The board of directors declared a $2 per share cash dividend on common stock and the corporation had 5,000 shares authorized and 4,000 shares outstanding and make a journal entry. The journal entry for the dividend payment would be
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:...
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10...
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 20,000 shares authorized and 10,000 shares issued, 9,000 shares outstanding $100,000 Paid-in capital in excess of par value, common stock 50,000 Retained earnings 25,000 Treasury stock 11,500 Assuming the treasury shares were all purchased at the same price, the cost per share of the treasury stock is: Multiple Choice $1.15. $1.28. $11.50. $10.50. $10.00. 2- Comfort Mattresses, Inc. sold 26,000 shares of...
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...
Mayan Company had net income of $33,580. The weighted-average common shares outstanding were 9,200. The company...
Mayan Company had net income of $33,580. The weighted-average common shares outstanding were 9,200. The company has no preferred stock. The company's earnings per share is: Multiple Choice $5.00 $3.71. $3.59 $1.39. $3.65 Authorized shares 28,000 Issued shares 23,000 7,500 Treasury shares The number of outstanding shares is: Multiple Choice 28,000. 35,500 23,000. 20,500. Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 24,000 shares authorized 11,400 shares issued, and 9,600 shares of...
QUESTION 30 A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12.000 common shares outstanding. The journal entry to record the declaration of the cash dividend is
A company's board of directors votes to declare a cash dividend of $1.30 per share of common stock. The company has 26,000 shares authorized, 21000 Issued. and 20,500 shares outstanding. The total amount of the cash dividend is: 1 o $27,300. o $53,950. o $26,650. o $32 800. o $33,800.
journal
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the...
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:...
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...
Mayan Company had net income of $33,580. The weighted-average common shares outstanding were 9,200. The company has no preferred stock. The company's earnings per share is: Multiple Choice $5.00 $3.71. $3.59 $1.39. $3.65 Authorized shares 28,000 Issued shares 23,000 7,500 Treasury shares The number of outstanding shares is: Multiple Choice 28,000. 35,500 23,000. 20,500. Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 24,000 shares authorized 11,400 shares issued, and 9,600 shares of...
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