Gleneagles Corporation earned net income of $70,000 during the year ended December 31, 2014. On December 15,
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Gleneagles Corporation earned net income of $70,000 during the year ended December 31, 2014. On December 15, Gleneagles had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000) and a $0.60 per share cash dividend on its common shares (25,000 shares issued for $50,000). Gleneagles then paid the dividends on January 4, 2015.
Journalize the following for Gleneagles Corporation:
a. Declaring the cash dividends on December 15, 2014
b. Paying the cash dividends on January 4, 2015
Did Retained Earnings increase or decrease during 2014? If so, by how much?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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...
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Related Book For 
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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