The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $180,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.80 per share. During the current year, Sneer had 1 million common shares authorized; 380,000 shares had been issued; and 172,000 shares were in treasury stock. The opening balance in Retained Earnings was $880,000 and Net Income for the current year was $380,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Solved
Show answers
More tips
- H Health and Medicine What are Electronic Cigarettes? The Ultimate Guide...
- C Computers and Internet How to Get Rid of 3pic Infector: Everything You Need to Know...
- A Auto and Moto Experience the World of the Most Expensive Cars on the Planet...
- S Style and Beauty How to Get Rid of a Double Chin?...
- F Food and Cooking How to Cook Julienne? Recipes and Tips...
- D Dating, Love, Relationships 10 Useful Tips on How to Survive a Breakup?...
- F Food and Cooking Apple Cider Vinegar: The Ultimate Health and Beauty Solution...
- C Computers and Internet Е-head: How it Simplifies Life for Users?...
- F Family and Home How to Choose the Best Diapers for Your Baby?...
- F Family and Home Parquet or laminate, which is better?...
Answers on questions: Business
- B Business Asimple random sample of 100 postal employees is used to test if the average time postal employees have worked for the postal service has changed from the value...
- B Business Beth is a college student who lives in San Francisco and provides math tutoring for extra cash. At a wage of $30 per hour, she is willing to tutor 6 hours per week....
- B Business Beyonce - Freedom Lyrics...
- B Business John secured a home improvement loan from a local bank in the amount of $10,000 at an interest rate of 9%, compounded monthly. He agreed to pay back the loan in...
- B Business Loden is a local dress shop that makes casual dresses in fun prints. Below is some actual vs. budget information for Loden s dresses for the month of May. Assume...
- S Social Studies How might general lee s goal of capturing washington d.c. have led him to order pickett s charge at the battle of gettysburg?...
- H History How did european countries interact with their african colonies after world war i? a. they started conflicts between african colonies to test new weapons and equipment....
- C Chemistry Which element has an atom with the greatest attraction for electrons in a chemical bond? (1) as (3) n (2) bi (4) p...
- G Geography How many us states border the gulf of mexico...
- E English What is a figurative language example for nervous ?...
Ответ:
Answer and Explanation:
The journal entries are shown below:
a. For preferred stock
Preferred dividend $180,000
To Preferred dividend payable $180,000
(Being the dividend declared is recorded)
Preferred dividend payable $180,000
To Cash $180,000
(Being the payment is recorded)
a. For common stock
Common dividend $582,400
To Common dividend payable $582,400
(Being the dividend declared is recorded)
Common dividend payable $582,400
To Cash $582,400
(Being the payment is recorded)
The computation is shown below:
= (380,000 shares - 172,000 shares) × $2.80
= $582,400
Ответ:
answer; pentagon papers, vietnam draft-resistor, james dean, american revolution;