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. |
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| Statement of Cash
Flows |
|
Income Statement |
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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. |
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|
|
| Statement of Cash
Flows |
|
Income Statement |
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|
|
|
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. |
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|
|
|
|
| Statement of Cash
Flows |
|
Income Statement |
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