Effect of cash dividends on financial statements
On October 1, 2011, Smart Corporation declared a $60,000 cash dividend to be paid on December 30 to shareholders of record on November 20.
Required
a. Record the events occurring on October 1, November 20, and December 30 in a horizontal statements model like the following one. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA).
Date | Assets = Liab. + Com. Stock + Ret. Earn | Rev. - Exp. = Net Inc. Cash Flow |
b. Prepare journal entries for all events associated with the dividend.
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