Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone fill in and explain these to me please! Take me to the text On September 1, 2020, Tasty Mice Inc. declared $217,000 of

can someone fill in and explain these to me please!
image text in transcribed
image text in transcribed
image text in transcribed
Take me to the text On September 1, 2020, Tasty Mice Inc. declared $217,000 of dividends payable to shareholders on September 15, 2020. There are 29,700 common shares and 2,100, $5 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Tasty Mice Inc. had retained earnings of 52,818,000 at the beginning of 2020 and earned a net income of $778,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on September 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar For transactions that have 2 debits or credits enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Sep 1 Cash Dividends-Common Cash Dividends--Preferred, cumulative 24830 X Dividends Payable 217000 Record dividend payable Sep 28 Dividends Payable 217000 Cash 217000 Record payment of dividend declared on Sep 1 Take me to the text On October 31, 2020, NOP Corporation's shareholders equity section shows the following balances. NOP Corporation Balance Sheet (partial) As at October 31, 2020 Shareholders' Equity Contributed Capital Common shares, unlimited shares authorized, 31,000 shares issued and outstanding $62,000 Retained Earnings 5860,000 Total Shareholders Equity 3922,000 Do not enter dollar signs or commas in the input boxes, Scenario 1 On October 31, 2020, after preparing the shareholde oids equity section shown above, the company declared and immediately distributed a 90% stock dividend. The market price on the date of declaration was 59. The company recorded the stock dividends by debiting retained earnings. a) Calculate the ending balance of retained earnings after the stock dividend. NOP Corporation Calculation of Retained Earnings For the Month Ended October 31, 2020 Opening Balance 860000 Less: Stock Dividend 251100 Balance - October 31, 2020 606900 b) Prepare the shareholders equity section of balance sheet as at October 31, 2020 (after the stock dividend has been distributed). NOP Corporation Balance Sheet (partial) As at October 31, 2020 Shareholders' Equity Contributed Capital common shares, unlimited shares authorized, 58,900 shares issued and outstanding 117800 Retained Earnings 608900 Total Shareholders' Equity 67800 x

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

Youre A Golden Auditor Keep It Up

Authors: Auditor Publishing

1st Edition

165805931X, 978-1658059312

More Books

Students also viewed these Accounting questions