Lotoya Davis Corporation has 10 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 80 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Instructions a.    Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings. b.    How would the entry differ if the dividend were a liquidating dividend?

Q: Before preparing financial statements for the current year, the chief accountant for Pharoah Ltd.…

A: Solution:- Preparation of the journal entries as follows under:- Note:- Error in accounting entry…

Q: Bridgeport Corp. has 7,400 shares of common stock outstanding. It declares a $5 per share cash…

A: Dividend for shareholders No.of shares * cash dividend per share 7400 shares * $5 $37,000

Q: Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 15%…

A: Stock Dividend - Stock Dividend is the dividend issued by the company in the form of shares. This is…

Q: Rabbithole. held its quarterly dividend meeting on April 19.  At that time, the directors of…

A: Dividend An incentive given to shareholders by companies is known as a dividend, and its funding…

Q: Court Casuals has 100,000 shares of common stock outstanding as of the beginning of the year and has…

A: The question is based on the concept of Financial Accounting.

Q: Wildhorse Corporation has 12.00 million shares of common stock issued and outstanding. On June 1,…

A: On june ,all majority of BOD approves dividend, so dividend is payable.

Q: On January 1, 20X1, Browning Corporation had 75,000 shares of $1 par value common stock issued and…

A: We have the following information: On January 1 20X1: Browning Corporation had 75,000 shares of $1…

Q: Smart Corp. was organized on Jan. 1 with authorization of 10,000 shares of $5 preferred stock, $100…

A: The entry for preferred stock issued   Date Particular Debit ($) Credit ($) Dec 31 Cash 20,000…

Q: The Watermelon Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: 1. Stock Dividend: In this Dividend company issue additional shares to the existing shareholders…

Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…

A: Dividend refers to the amount of profit that the shareholders earn on each share held/purchased by…

Q: Greenwood Corporation has 80,000 shares of common stock outstanding. It declares a $1 per share cash…

A: Cash dividends are cash distributions of accumulated earnings by a corporation to its stockholders.…

Q: On November 12th, Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00…

A: Total Outstanding shares = 12,000 Held as treasury share = 2,000 Cash dividend is given total share…

Q: Before preparing financial statements for the current year, the chief accountant for Crane Ltd.…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share…

A: Date  Account titles and explanation  Debit in $  Credit in $  May, 20  Dividend's…

Q: On June 1, a board of directors declared a $3 per share cash dividend, payable on June 30 to all…

A: Total amount of dividend = No. of shares issued and outstanding x dividend per sahre = (1000 shares…

Q: Read & Learn Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: Number of Preferred Stock outstanding on 15th December = 1,000,000 shares Therefore, Number of…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Answer 1) Account Titles and Explanation  Debit  Credit Dividends  $      1,20,000…

Q: OSE Corporation's articles of incorporation provides for the issuance of 100,000 ordinary shares.…

A: The dividend is the distribution of the portion of profit earned by the company. The dividend is…

Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Introduction: Dividend is the distribution of profits earned by the company, to its stockholders as…

Q: On april 12, hobson corporation declared a quarterlu dividend of 0.05 per share on its 200,000…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: Huxley Company has 239699 shares of common stock authorized, 190997 issued, and 57975 shares of…

A: Dividend paid = No. of shares issued and outstanding x Dividend per share where, No. of shares…

Q: On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:  66,000…

A: Definition:   Dividends: This is the amount of cash distributed to stockholders by a company out its…

Q: Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1. 98,000…

A: Tje dividend is paid to shareholders from the retained earnings of the business.

Q: Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:  66,000…

A: Dividends are distributions of earnings by a corporation to its stockholders. Usually the…

Q: Woodland Inc. Declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The…

A: Dividend represents the distribution of profit amongs the shareholders of the company. It becomes…

Q: Pharoah has 21,200, $4 noncumulative preferred shares issued. It paid the preferred shareholders the…

A: Error in accounting entry can be corrected by either reversing entry which is incorrect and entering…

Q: Before preparing financial statements for the current year, the chief accountant for Crane Ltd.…

A: when transaction is recorded wrongly in account, it needs to be corrected when it is found.   1.…

Q: Italian Stallion has the following transactions during the year related to stockholders’…

A: Amount of Dividend  = (No. of common stock + No. of preferred stock) x Dividend per share = (6,000…

Q: Huxley Company has 119,526 shares of common stock authorized, 158,963 issued, and 79,891 shares of…

A: No. of shares issued and outstanding = No. of shares issued - No. of treasury stock = 158963-79891 =…

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Dividend declared would be paid on no. of outstanding shares only.

Q: Almond, Inc held its quarterly dividend meeting on December 8.  At that time, the directors declared…

A: Dividend payable = No. of shares * Dividend per share

Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Hi-C Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December…

A: The Company has $1,000,000 shares of 10%, $ 20 Par Value Preferred Stock outstanding. On December…

Q: The charter of Zion Associates provides for the issuance of 100,000 shares of common stock. Assume…

A: The charter shows the authorized number of shares which in this case is 100000 shares. Subsequently…

Q: Sheffield Corp. has 84,000 shares of common stock outstanding. It declares a $1 per share cash…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:  66,000…

A: Definition:   Dividends: This is the amount of cash distributed to stockholders by a company out its…

Q: Alpha Corporation has 25 million shares of common stock issued and outstanding. On August 31 the…

A: Payment of dividend out of profits indicate that the dividends are distributed out of retained…

Q: Court Casuals has 300,000 shares of common stock outstanding as of the beginning of the year and has…

A: Treasury shares are those shares which are being reacquired or repurchased by business from its…

Q: Crane Corporation has 70,000 shares of common stock outstanding. It declares a $1 per share cash…

A:

Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…

A: A journal entry is the recording of financial transactions of business entity in the books of…

Q: Nutritious Pet Food Company's board of directors declares a cash dividend of $1.00 per common share…

A: Date  Account Tittle and explanation   Debit  Credit          12-Nov  Retained…

Q: Mt. Everst Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: 4% Stock Dividend is recorded using the market price of the stock as of the date of stock dividends…

Q: During the current year, Corporation A had 100,000 shares of common stock outstanding. On July 1,…

A: The formula to calculate the current ratio is (Current Assets/Current Liabilities) Stock split is a…

Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The Board of Directors of ABC Corporation declared a dividend on March 6, 2XX1, to shareholders of…

A: According to the given question, we are required to compute the cash dividends distributed to the…

Q: Sanders Corporation has the following shares outstanding: 6,000 shares of $50 par value, 6%…

A: Please find the answers to the above questions below:

Q: The board of durectors declared a $2 per share cash dividend on common stock and the corporation had…

A: Definition:   Cash dividends: The amount of cash provided by a corporation out of its distributable…

Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Dividend is the amount of return paid to the shareholders in the form of return. The dividend…