Steverson Air Conditioning, Inc., had net income of $210,000 for the year ended December 31, 2009. On

Question:

Steverson Air Conditioning, Inc., had net income of $210,000 for the year ended December 31, 2009. On January 15, 2010, the board of directors met and declared a dividend of $0.15 per share for each of the 200,000 outstanding shares of common stock. The board voted to make the actual distribution on April 1 to all shareholders of record as of March 1. What is

(a) The date of declaration,

(b) The date of record,

If Steverson Air were to prepare a balance sheet on January 31, 2010, how would the dividends be reported (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...