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Sweets for Your Sweetie produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the

following information:

March $5-$Sweets for Your Sweetie today announced that its Board of Directors has declared a special "one$-$time" cash dividend of

$$1\mathrm{.}20$ per share on its $102,000$ 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:

Prepare any journal entries that Sweets for Your Sweetie should make on the four dates mentioned in the press release.

What would the board of directors have considered before making the dividend decisions?

Complete this question by entering your answers in the tabs below.

Journal entry worksheet

Record the declaration of a cash dividend of $$1\mathrm{.}20$ per share payable on the

$102,000$ shares of common stock outstanding.

Note: Enter debits before credits.

Journal entry worksheet

Prepare any journal entries that Sweets for Your Sweetie should make on the four dates mentioned in the press release. $($If no entry is

required for a transaction$/$date$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Record the payment of the cash dividend.

Note: Enter debits before credits.

Journal entry worksheet

Record the entry on the date of record.

Note: Enter debits before credits.

Journal entry worksheet

$$

Record the entry to close dividends account.

Note: Enter debits before credits.

Sweets for Your Sweetie produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the

following information:

March $5-$Sweets for Your Sweetie today announced that its Board of Directors has declared a special "one$-$time" cash dividend of

$$1\mathrm{.}20$ per share on its $102,000$ 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:

Prepare any journal entries that Sweets for Your Sweetie should make on the four dates mentioned in the press release.

What would the board of directors have considered before making the dividend decisions?

Complete this question by entering your answers in the tabs below.

What would the board of directors have considered before making the dividend decisions?

The board must consider the balances of common stock and cash before declaring a cash dividend.

The board must consider the balances of retained earnings and cash before declaring a cash dividend.

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