Question
You filed a charter with the State of Louisiana to form the your Accounting Corporation. The charter authorizes you to issue 50000 shares of $2
You filed a charter with the State of Louisiana to form the your Accounting Corporation. The charter authorizes you to issue 50000 shares of $2 par common stock. The state charged you a $175 fee to file the charter. Since your business is not yet approved, you had to pay this fee using personal funds. 9/1 You received your charter from the State of Louisiana and officially opened your business. Your first order of business was to become a shareholder of your Accounting Corp. To do this, you purchased 5000 shares of common stock by issuing a check to your Accounting Corp for $50,000. You used this money to open a checking account at First Funds Bank. 10/25 You declared and paid dividends of $0.10 per share to shareholders of record. The dividends are paid by issuing check #118.
I just need the answer and calculations for the last sentence. Thanks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started