Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. answer choices i'm given for the description ...

Answer choices I'm given for the description ...

90.2K

Verified Solution

Question

Accounting

image
Answer choices I'm given for the description
image
Cash Dividends Rock Corporation has the following shares outstanding: 8,000 shares of $100 par value, eleven percent preferred stock and 50,000 shares of $5 par value common stock. The company has $1.070,000 of retained earnings. At year-end, the company declares its regular $11 per share cash dividend on the preferred stock and a $8.00 per share cash dividend on the common stock. Two weeks later, the company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividends b. Prepare the journal entry for the payment of the cash dividends. General Journal Ref Description Debit Credit a. Dividends payable - Preferred stock To record declaration of cash dividend. b. Dividends payable -Common stock To record payment of dividends

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Given the function in standard form determine all the indicated information WITHOUT USING YOUR CALCULATOR...

Basic Math
1.2K views

Respond to all of the following questions in your posting for this week: Describe the characteristics of...

Medical Sciences
1.2K views

Which of the following neuroglia are associated with removing bacteria and viruses from the CNS? Microglial Schwann Astrocyte Oligodendrocyte Eppendemal

Biology
1.2K views

6 What are mixotrophs Why could they be problematic in the classification of protists

Physics
1.2K views

ook at your proportionality relation for the escape speed Describe two ways you could increase...

Basic Math
1.2K views

Give the following number in Base 10.62 8 = [?]10Enter the number that belongs in...

Calculus
1.2K views

Given f x x 9 and g x interval notation Domain of f g x...

Accounting
1.2K views

85% prices $380,000 Instrucciones 2 y 4 (Balance Sheet) Problem 3-3...

Accounting
1.2K views

Please do 2B, 2C, 2D only. 2a Excel work given below. ...

Accounting
1.2K views

The rate used to discount future benefits should be based on a. The government's marginal...

Accounting
1.2K views

The CFO of the Zachary Microscope Corporation intentionally misclassified a downstream transportation expense in the...

Accounting
1.2K views

Prepaid Rent is an expense account that appears on the income statement O True O...