Procter & Gamble is a well-known consumer products company that owns a variety of popular brands. A recent news...
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Procter & Gamble is a well-known consumer products company that owns a variety of popular brands. A recent news article contained the following information: |
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CINCINNATI, March 9 /PRNewswire-FirstCall/—The Procter & Gamble Company (NYSE: PG) today said that earnings per share for the January through March quarter as well as the fiscal year is expected to exceed current consensus estimates by $0.01 to $0.02. The increased earnings are being driven by continued strong organic volume growth. |
| Stock Dividend |
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The company also announced today that its board of directors approved a 10% stock dividend to shareholders of record on May 21. This move does not change the proportionate interest a shareholder maintains in the company. The additional shares will be distributed on June 18. In a separate action, the board declared an increase in the annual rate of its common stock dividend from $1.82 to $2.00 per share. |
| Required: | |
| 1. |
Prepare any journal entries that P&G should make as the result of information in the preceding report. Assume that the company has 2,500 million shares outstanding, the par value is $1.00 per share, and the market value is $50 per share. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) |
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1. Record the appropriate journal entry on March 9.
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2. Record the appropriate journal entry on May 21.
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3. Record the appropriate journal entry on June 18.
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Procter & Gamble is a well-known consumer products company that owns a variety of popular brands. A recent news...
Procter & Gamble is a well-known consumer products company that owns a variety of popular brands....
Procter & Gamble is a well-known consumer products company that owns a variety of popular brands. A recent news article contained the following information: CINCINNATI, March 9 /PRNewswire-FirstCall/—The Procter & Gamble Company (NYSE: PG) today said that earnings per share for the January through March quarter as well as the fiscal year is expected to exceed current consensus estimates by $0.01 to $0.02. The increased earnings are being driven by continued strong organic volume growth. Stock Dividend ...
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