Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5-National Chocolate

image text in transcribedimage text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5-National Chocolate Corp. today announced that its Board of Directors has declared a special "one-time" cash dividend of $1.10 per share on its 91,000 outstanding common shares. The dividend will be paid on April 29 to shareholders of record at the close of business on March 26. The Company's fiscal year will end April 30. Required: 1. Prepare any journal entries that National Chocolate Corp. should make on the four dates mentioned in press release. (If no entry is required for a transaction/date, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 3 4 Record the declaration of a cash dividend of $1.10 per share payable on the 91,000 shares of common stock outstanding. Note: Enter debits before credits. Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions