Burlon Printing Company had net income of $175,000 for the year ended June 30, 2009. On July

Question:

Burlon Printing Company had net income of $175,000 for the year ended June 30, 2009. On July 15, 2009, the board of directors met and declared a dividend of $0.35 per share for each of the 150,000 outstanding shares of common stock. The board voted to make the actual distribution on September 1 to all shareholders of record as of August 1. What is

(a) The date of declaration,

(b) The date of record,

(c) The date of payment? If Burlon Printing Company were to prepare a balance sheet on July 31, 2009, how would it report the dividends (if at all)?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...