Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cash dividends support sanders corporation has the

Cash Dividends Support Sanders Corporation has the following shares outstanding: 8,000 shares of $50 par...

50.1K

Verified Solution

Question

Accounting

image
image
image
Cash Dividends Support Sanders Corporation has the following shares outstanding: 8,000 shares of $50 par value, six percent preferred stock and 50,000 shares of $1 par value common stock. The company has $328,000 of retained earnings. At year- end, the company declares its regular $3 per share cash dividend on the preferred stock and a $2.2 per share cash dividend on the common stock. Three 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. Ref. Descriptio a. General Description Support Dividends Payable - Common Stock To record declaration of dividend on preferred Dividends Payable - Common Stock To record payment of dividends on preferred eneral Journal bn Debit Support eferred stock andcommon stock. erred and common stocks. Previous @ Save Answers Next >

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

Do a literature review using mainly academic journal puplicayions in last 10 year (2,3 articles) and write...

General Management
Q

Identify the formed element shown at the arrow O plasma white blood cells red blood...

Biology
Q

An object O is placed between two parallel mirrors M and M as shown in...

Physics
Q

Solve the following compound inequality.x+6?5 and 3x - 7?5 Select the correct choice below and,...

Basic Math
Q

A telescope contains both a parabolic mirror and a hyperbolic mirror. They share focus F?,...

Basic Math
Q

The Histograms each represent part of a binomial distribution Each distribution has the same probability...

Statistics
Q

7 What is the polar form of the given double integral in the Figure 1...

Calculus
Q

1 A spherical balloon is inflated with gas at the rate of 800 cubic centimeters...

Calculus
Q

Your manager has told you that capital budgeting is a waste of time. How would...

Accounting
Q

can you please solve this Nevin Company completed the following selected...

Accounting
Q

Illinois Bio Technologies Illinois Bio Technologies (IBTECH) was founded in Rosemont, Illinois, in 1992 by...

Accounting
Q

use the information provided below to prepare the cash flow statement of jonah ltd for...

Accounting