Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. as of oct. 31,2019 , landry company has 20,000 com

As of Oct. 31,2019 , Landry Company has 20,000 common stock shares issued and outstanding,...

80.2K

Verified Solution

Question

Accounting

image
As of Oct. 31,2019 , Landry Company has 20,000 common stock shares issued and outstanding, and retained earnings of $275,000. Landry declares a $3 per share cash dividend on Dec. 28,2019 to be paid on Feb. 15,2020 to shareholders of record as of Jan. 20, 2020. For the journal entry in part a, use the following account abbreviations: CASH = cash, DIV = dividends, RE= retained earnings, DIVPAY = dividends payable, CS = Common stock. a. Show the journal entry to record the dividend declaration on Dec. 28 , 2019: Dr. Cr. b. Assuming Landry reported net income of $65,000 for the fiscal quarter ended Dec. 31,2019, what is Landry's balance of retained earnings on December 31,2019

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

Q

5 Exercise 10 7 described an experiment in which 26 resis tivity observations were made...

Statistics
Q

1. y varies directly with xa. If y = 6 when x = 2, find...

Algebra
Q

0 16

Algebra
Q

Required information Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead...

Accounting
Q

Question 7 On 6/30/12, a company paid $96,000 to retire a bond before maturity. The...

Accounting
Q

All one problem, THANK YOU!! ...

Accounting
Q

Pappy's Toys makes two models of a metal toy-Standard and Deluxe Both models are produced...

Accounting
Q

On June 30, 2024, Ericson, Inc. purchased land. In payment for the land, Erickson, Inc....

Accounting
Q

The portion of proceeds from the sale of bonds with detachable stock warrants attributable to...

Accounting
Q

Which product makes the MOST profitable use of the grinding machines? (Round your intermediate calculations...

Accounting
Q

Comparing job order costing versus process costing Identify each costing system characteristics as job order...

Accounting
Q

Blossom Company made the following transaction: 1. payment off a $155 invoice on account. 2....

Accounting