On August 1, 2020, Fickle Feline Inc. declared $184,000 of dividends payable to shareholders on August 15, 2020. There are 25,100 common shares and 2,500, $3 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Fickle Feline Inc. had retained earnings of $2,292,000 at the beginning of 2020 and earned a net income of $636,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on August 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 Record dividend payable Aug 28 Record payment of dividend declared on Aug 1
On August 1, 2020, Fickle Feline Inc. declared $184,000 of dividends payable to shareholders on August 15, 2020. There are 25,100 common shares and 2,500, $3 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Fickle Feline Inc. had retained earnings of $2,292,000 at the beginning of 2020 and earned a net income of $636,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on August 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 Record dividend payable Aug 28 Record payment of dividend declared on Aug 1
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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