Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Hi, this is a 4-part question. Thank you :) Rivets.com is a leading global manufacturer and marketer of power tools, hardware, and home improvement products.

Hi, this is a 4-part question. Thank you :)
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Rivets.com is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement: NEW BRITAIN, Connecticut-(BUSINESS WIRE)-October 15, 2019-Rivets.com (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $0.69 per common shore. This extends the company's record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is plyable on Tuesday, December 17, 2019. to shareholders of record as of the close of business on Friday, November 29 , 2019. At the time of the press release, the company had 310 million shares authorized and 158.0 million outstanding. The par value for the company's stock is $2.50 per share. Required: 1. \& 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dilidends account. Assuming no other dividends were declared during the year, prepare the closing entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars not in millions.) Journal entry worksheet Record the declaration of a cash dividend of $0.69 per share. Note: Enter debits before credits. Journal entry worksheet Record the entry on the date of record for a cash dividend of $0.69 per share payable on the 158 million shares of stock outstanding. Note: Enter debits before credits. Journal entry worksheet 4 Record the payment of the cash dividend. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry to close the dividends account. Note: Enter debits before credits

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Cataldo Cpa II, Cma Cgma A J

2nd Edition

1634929241, 978-1634929240

More Books

Students explore these related Accounting questions