FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share. Poundcake first

Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share. Poundcake first records dividends when cash is received.

Upon receipt of the cash dividend, what entry should Poundcake make?

Step by Step Solution

★★★★★

3.39 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

Upon receipt of the cash dividend Poundcake should make the following en... 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

Intermediate Accounting

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

15th edition

978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290

More Books

Students also viewed these Accounting questions

Question

★★★★★
AC Corporations: Dividends, Retained Earnings, and Income Reporting 56. ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock...

Answered: 1 week ago

Question

★★★★★
Mr. Robert Rhodes is provided with an automobile that is owned by his employer. The car was acquired by the employer in 2018 for $63,000, plus $3,150 in GST. During 2020, it was used by Mr. Rhodes...

Answered: 1 week ago

Question

★★★★★
Cash and Stock Dividends At December 31, 2010, White Company has the following: Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding Required Indicate whether the...

Answered: 1 week ago

Question

★★★★★
You work for North Carolina Parks and Recreation. Do you support or oppose the idea to unionize federal and state employees? Explain your thoughts below.

Answered: 1 week ago

Question

★★★★★
The Silver Spokes Bicycle Shop has decided to offer credit to its customers during the spring selling season. Sales are expected to be 700 bicycles. The average cost to the shop of a bicycle is $650....

Answered: 1 week ago

Question

★★★★★
a. Byrde Co. purchased a truck. The seller asked for $11,000, but Byrde paid only $10,000 after negotiation. The owner of Byrde Co. believes he got a great deal and the truck is really worth $15,000....

Answered: 1 week ago

Question

★★★★★
=+ Do you see any potential problems with the analysis?

Answered: 1 week ago

Question

★★★★★
Wayne Casting, Inc., produces a product made from a metal alloy. Wayne buys the alloy from two different suppliers, Chillicothe Metals and Ames Supply, in approximately equal amounts because of...

Answered: 1 week ago

Question

★★★★★
Fresh Foods, a large restaurant chain, needs to determine if it would be cheaper to produce 5,000 units of its main food ingredient for use in its restaurants or to purchase them from an outside...

Answered: 1 week ago

Question

★★★★★
According to a Bureau of Labor Statistics release of March 25, 2015, statisticians earn an average of $84,010 a year. Suppose that the current annual earnings of all statisticians have the mean and...

Answered: 1 week ago

Question

★★★★★
Please explain the follwoing 1-Recommendations and conclusion: give your recommendations to ensure successful implementation of strategy. conclude by summarizing the major strategic management issues...

Answered: 1 week ago

Question

★★★★★
Think of a scenario from media you have recently seen that portrayed a traditional sexual script such as courtship, first date, first sexual encounter, long-term relationship, etc. First, briefly...

Answered: 1 week ago

Question

★★★★★
1. What was net operating working capital for 2014 and 2015? 2. What was the 2015 free cash flow? 3. How would you explain the large increase in 2015 dividends? Powell Panther Corporation: Balance...

Answered: 1 week ago

Question

★★★★★
Lobers, Inc., has two investment proposals, which have the following characteristics: PROJECT A PROJECT B PROFIT NET CASH PROFIT NET CASH PERIOD COST AFTER TAXES FLOW COST AFTER TAXES FLOW 0 $9,000 -...

Answered: 1 week ago

Question

★★★★★
(20 points) The following data shows the total spend on Research and development by institutions of higher learning in the US, in billions of dollars for the period 2003 - 2011. Find the best fit...

Answered: 1 week ago

Question

★★★★★
Question 1 (13 pts) Read the following and use it to answer the following questions: James owns a factory that produces fuel from bio waste and sells the fuel to the agricultural industry. He holds a...

Answered: 1 week ago

Question

★★★★★
In a given process costing system, the equivalent units are computed using the weighted average method. With respect to conversion costs, the percentage of completion for the current period is...

Answered: 1 week ago

Question

★★★★★
Find the velocity, acceleration, and speed of a particle with the given position function. r(t) = (t 2 , sin t - t cos t, cos t + t sin t), t > 0

Answered: 1 week ago

Question

★★★★★
Explain each of the following terms: authorized ordinary shares, unissued ordinary shares, issued ordinary shares, outstanding ordinary shares, and treasury shares.

Answered: 1 week ago

Question

★★★★★
Matt Broderick Company began operations on January 2, 2013. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually....

Answered: 1 week ago

Question

★★★★★
Presented below are certain account balances of Patel Products Co. Instructions From the foregoing, compute the following: (a) Total net revenue, (b) Net income, (c) Dividends declared, (d) Income...

Answered: 1 week ago

Question

★★★★★
Refer to Exercise 5. The regression equation is y = 29.29 0.96x, the sample size is 8, and the standard error of the slope is 0.22. Use the .05 significance level. Can we conclude that the slope of...

Answered: 1 week ago

Question

★★★★★
A consumer buying cooperative tested the effective heating area of 20 different electric space heaters with different wattages. Here are the results. a. Compute the correlation between the wattage...

Answered: 1 week ago

Question

★★★★★
An air travel service samples domestic airline flights to explore the relationship between airfare and distance. The service would like to know if there is a correlation between airfare and flight...

Answered: 1 week ago

Previous Question Next Question