Question

Doug. corp declared a 0.70 per share common dividend. the company has 25000 common shares authorized...

Doug. corp declared a 0.70 per share common dividend. the company has 25000 common shares authorized with 7000 shares issued and outstanding. a possible journal entry to record the declaration. a. cash dividend 3900 common dividend payable 3900                  b. retained earning 4900 common dividend payable 4900       c. common dividend payable 4900 retained earning 4900 d. common dividend payable 4900 cash 4900

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has...
Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 43,000 shares authorized, 22,800 shares issued, and 17,200 shares of common stock outstanding. The journal entry to record the dividend declaration is: Multiple Choice: Debit Retained Earnings $21,500; credit Common Dividends Payable $21,500. Debit Retained Earnings $11,400; credit Common Dividends Payable $11,400. Debit Common Dividends Payable $11,400; credit Cash $11,400. Debit Common Dividends Payable $8,600; credit Cash $8,600. Debit Retained Earnings $8,600; credit Common...
Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has...
Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 21,000 shares authorized, 9,600 shares issued, and 8,400 shares of common stock outstanding. The journal entry to record the dividend declaration is:   a. Debit Retained Earnings $4,200; credit Common Dividends Payable $4,200. b. Debit Common Dividends Payable $4,200; credit Cash $4,200. c. Debit Retained Earnings $4,800; credit Common Dividends Payable $4,800. d. Debit Common Dividends Payable $4,800; credit Cash $4,800. e. Debit Retained Earnings...
On July 31, a company declared a cash dividend of $0.25 per common share to the...
On July 31, a company declared a cash dividend of $0.25 per common share to the shareholders of record on August 15. The cash dividend will be paid on August 25. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required on July 31, August 15 and August 25 (2.5 Marks). On July 31, a company declared a cash dividend of $0.25 per common share to the shareholders of record on August 15. The cash...
Randall Company declared a $0.50 per share cash dividend on its common shares. The company has...
Randall Company declared a $0.50 per share cash dividend on its common shares. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding.  What is the total amount of dividend that will be paid?
Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of...
Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2012, there were 500,000 shares issued and outstanding. On June 30, 2012, the board of directors declared a $0.30 per share cash dividend to be paid on August 1, 2012. Instructions Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record and (c) payment date.
BrightBright ​Schools, Inc. is authorized to issue​ 200,000 shares of ​$22 par common stock. The company...
BrightBright ​Schools, Inc. is authorized to issue​ 200,000 shares of ​$22 par common stock. The company issued 78 comma 00078,000 shares at $ 6$6 per share. When the market price of common stock was $ 8$8 per​ share, BrightBright declared and distributed a 1010​% stock dividend.​ Later, BrightBright declared and paid a $ 0.30$0.30 per share cash dividend.Read the requirements LOADING... . Requirement 1. Journalize the declaration and the distribution of the stock dividend.​ (Record debits​ first, then credits. Select...
Soxlette Company has 700,000 shares authorized and 250,000 shares issued and outstanding of its $4 par...
Soxlette Company has 700,000 shares authorized and 250,000 shares issued and outstanding of its $4 par value common stock. The stock is currently selling for $60 per share. If Soxlette Company declared and issued a 30% stock dividend, what journal entry would the company make? Select one: A. Retained Earnings 210,000 Common Stock 210,000 B. Retained Earnings 300,000 Common Stock 300,000 C. No journal entry is necessary. D. Retained Earnings 4,500,000 Common Stock 4,500,000 E. Retained Earnings 18,000,000 Common Stock...
Delta Motors Corporation has 100,000,000 authorized shares of $1 par value common stock. As of June...
Delta Motors Corporation has 100,000,000 authorized shares of $1 par value common stock. As of June 30, 20x8, there were 1,000,000 shares issued and outstanding. On June 30, 20x8, the board of directors declared a $.20 per share cash dividend to be paid on August 1, 20x8, to shareholders of record on July 15, 20x8. Prepare entries in journal form to be recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment.
XYZ Corp has 90,000 shares of $2 par value common stock outstanding . XYZ declared and...
XYZ Corp has 90,000 shares of $2 par value common stock outstanding . XYZ declared and distributed a 10% stock dividend when the market price of its stock was $12.00 per share. In recording this stock dividend transaction, A) Retained Earnings is credited for $108,000 B) Paid in capital in excess of par value is credited for $7,200 C) Retained Earnings is debited for $$108,000 D) Retained Earnings is debited for $18,000 2)  A corporation repurchased 1,000 shares of its $1.00...
Shareholders’ Equity Preferred shares cash dividends have been declared and paid. Common share cash dividends have...
Shareholders’ Equity Preferred shares cash dividends have been declared and paid. Common share cash dividends have been declared, but not paid. HEMI’s board of directors declared a 10% common stock dividend on November 1, 2019. Common shares for the stock dividends were issued to the existing common shareholders on December 30, 2019. However, the transaction has not been recorded in HEMI’s accounting records. HEMI is authorized to issue 50,000,000 common shares. HEMI issued 12,000,000 common shares on January 2, 2019...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT