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

Question

1 Approved Answer

Problem: Company ABC Year 2020 R.E. (Jan. 1, 2020) = $20,000 Cash dividends declared = 400 Cash dividends paid = 360 Net income = 7,000

Problem:

Company ABC

Year 2020

R.E. (Jan. 1, 2020) = $20,000

Cash dividends declared = 400

Cash dividends paid = 360

Net income = 7,000

  1. Do the journal entry for the net income
  2. Do the journal entry for the dividends declared
  3. Do the journal entry for the dividends paid
  4. Present the R.E. statement

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

Question

7.83 Elevator Loads The maximum load (with a generous safety factor) for the elevator in an office building is 900 kg. The relative frequency distribution of the weights of all men and women using...

Answered: 1 week ago

Question

★★★★★
Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales The following transactions were selected from the records of OceanView Company: July 12 Sold merchandise to Customer R,...

Answered: 1 week ago

Question

★★★★★
If it were solely up to you, would you: Keep the fair market value (FMV) on date of death basis of 1014 and the exclusion for inheritance under 102 without change? Exclude inheritance and provide a...

Answered: 1 week ago

Question

★★★★★
Job evaluation is the process of: Question 24 options: providing information needed to prepare job description summarizing reports that describe the job as it is actually performed finding qualified...

Answered: 1 week ago

Question

★★★★★
Power Shade manufactures insulated windows. Their Repairs and Maintenance Cost is a mixed cost and varies most directly with machine hours worked. The following data have been gathered from the most...

Answered: 1 week ago

Question

★★★★★
Driving a bus is a service industry. What skills are required to provide a quality customer experience for passengers

Answered: 1 week ago

Question

★★★★★
How will you handle this following situation , for an office manager: you did\'nt order enough supplies, and your coworkers are upset they dont have the materials they need to finish their job, For a...

Answered: 1 week ago

Question

★★★★★
How will you know when athletes reach the automatic stage? How will the focus of your coaching change in this final stage? Describe how to perform this skill according to the abstracting-rules...

Answered: 1 week ago

Question

★★★★★
African American enslavement did not slowly disappear in 19 th century America. Rather, it went full force until 1860 and 1861, the South seceded from the Union because the election of Abraham...

Answered: 1 week ago

Previous Question Next Question