Essay
X Corporation had a net income of $375,000 in 2015.The Board of Directors declared a dividend of $0.25 a share on the 150,000 shares outstanding on December 13 to be paid on December 23.Retained earnings on January 01,2016 were $630,000.
(a)Prepare the journal entries for the declaration of the dividends and for the payment of these dividends.
(b)Prepare the Retained Earnings Statement at the end of 2015.
Correct Answer:
Verified
Correct Answer:
Verified
Q10: When evaluating the liquidity of a proprietorship,creditors
Q15: A corporation is a legal entity that
Q22: Double Taxation means:<br>A)A corporation must pay double
Q27: A corporation,as well as a partnership,must file
Q29: Listed below are several accounting terms introduced
Q30: Grey,Dailey,and Sanders have formed a partnership.Net income
Q35: Which of the following is a characteristic
Q38: The assets of a partnership belong jointly
Q42: In order to form a corporation,the corporation
Q49: In a sole proprietorship the balance in