Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Apply Excel (Part 2) Revise your calculations based the new information provided below and then answer the questions that follow. Beginning number of shares issued

Apply Excel (Part 2)

Revise your calculations based the new information provided below and then answer the questions that follow.

Beginning number of shares issued 532,000
Additional shares issued during the year 132,000
Beginning treasury shares 52,000
Portion of treasury shares resold 10 %
Dividends per share $ 0.20
Beginning retained earnings $ 560,000
Net income for the year $ 410,000

2. Prepare the journal entries to record the dividends. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

image text in transcribed

3. Calculate the ending balance of Retained Earnings: (Amounts to be deducted should be indicated by a minus sign.)

image text in transcribed

Journal entry worksheet 1 Record the payment of the dividends on the payment date, December 31. Note: Enter debits before credits. \begin{tabular}{|l|c||} \hline Beginning & \\ \hline Net income & \\ \hline Dividends & $ \\ \hline Ending & 0 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Accounting And Reporting

Authors: Ciaran Connolly

2nd Edition

0903854724, 978-0903854726

More Books

Students also viewed these Accounting questions

Question

Why should goals be specific and measurable?

Answered: 1 week ago

Question

2. What does the other person defi ne as the beginning?

Answered: 1 week ago

Question

1. What do you defi ne as the start of interaction?

Answered: 1 week ago