Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,950 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,000; 2022, $13,900; and 2023, $27,000. Journalize the declaration of the cash dividend at December 31, 2023, under part (b). (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Date Account Titles and ExplanationDec. 31DebitCredit

recording of journal entry are as follows

Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,950 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,000; 2022, $13,900; and 2023, $27,000.

Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,950 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,000; 2022, $13,900; and 2023, $27,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

See similar textbooks

Similar questions

Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
On May 1, 2018, Love Corporation declared a $45,100 cash dividend to be paid on May 31 to shareholders of record on May 15. Required: Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.)
Kindly verify the basic accounting equation balances. the assets, liabilities and Stockholder's Equity. Table of Contents VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2019 September 30, 2018 (in millions, except par value data) Assets Cash and cash equivalents $ 7,838 $ 8,162 Restricted cash equivalents—U.S. litigation escrow (Note 4 and Note 5) 1,205 1,491 Investment securities (Note 6) 4,236 3,547 Settlement receivable 3,048 1,582 Accounts receivable 1,542 1,208 Customer collateral (Note 4 and Note 11) 1,648 1,324 Current portion of client incentives 741 340 Prepaid expenses and other current assets 712 562 Total current assets 20,970 18,216 Investment securities (Note 6) 2,157 4,082 Client incentives…
eBook Show Me How Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $195,000 on a corporation’s common stock are February 1, March 18, and May 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
A journal entry for cash dividends is not made on the ________.A. date of record.B. An entry is made on all of these dates.C. date of paymentD. date of declaration
The declaration, record, and payment dates in connection with a cash dividend of $63,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Oct. 1 Nov. 7 Dec. 15
(please see attached image to easily understand the question) P12-1B You are provided with the following transactions that took place during a recent fiscal year. Transaction Statement of cash flow affected --------------------- (a) Purchased shares of commontreasury stock.(b) Paid a cash dividend to commonstockholders.(c) Recorded cash sales.(d) Recorded sales on account.(e) Recorded prepayment of insuranceexpense.(f) Purchased supplies on account.(g) Recorded amortization expense ona patent.(h) Recorded and received interest revenue.(i) Recorded cash proceeds from a sale ofplant assets.(j) Acquired land by issuing a notepayable. InstructionsComplete the table indicating whether each item (1) affects operating (O) activities, investing (I) activities, financing (F) activities, or is a noncash (NC) transaction reported in aseparate schedule, and (2) represents a cash inflow or cash outflow or has no cash flow effect.…
Cromwell Company has the following trial balance account balances, given in no certain order, as of December 31, 2018. Using the information provided, prepare Cromwell’s annual financial statements (omitthe Statement of Cash Flows)
Please answer complete question otherwise skip it please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) The Sharjah Corporation reported the following balance sheet data for 2020 and 2019: 2020 2019 Cash $ 77,375 $ 22,955 Available-for-sale securities (not cash equivalents) 15,500 85,000 Accounts receivable 80,000 68,250 Inventory 165,000 145,000 Prepaid insurance 1,500 2,000 Land, buildings, and equipment 1,250,000 1,125,000 Accumulated depreciation (610,000) (572,000) Total assets $ 979,375 $ 876,205 Accounts payable $ 76,340 $ 148,670 Salaries payable 20,000 24,500 Notes payable (current) 25,000 75,000 Bonds payable 200,000 0 Common stock 300,000 300,000 Retained earnings 358,035 328,035 Total liabilities and…
Below are several transactions for Meyers Corporation for 2021.Required: 1. For each transaction, determine the amount of cash flows (indicate inflows with a “+” and outflows with a “−”). If cash is involved in the transaction, indicate whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. Enter N/A if the question is not applicable to the statement. 2. Calculate net cash flows for the year. 3. Assuming the balance of cash on January 1, 2021, equals $5,400, calculate the balance of cash on December 31, 2021.
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. For each account on this company’s balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.)