Selected transactions of Orange Corporation during 20X1 are given below. Record them in the general journal. Analyze:
Question:
Selected transactions of Orange Corporation during 20X1 are given below. Record them in the general journal.
Analyze: If the dividends declared on October 30 were to be paid on January 15, what balance would be reflected in the Dividends Payable account on December 31, 20X1.
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DATE Mar. 15 Apr. 15 May 30 June 15 30 Sept. 15 Oct. 30 Dec. 1 15 31 TRANSACTIONS Filed the federal tax return for 20X0 (the prior year). The total tax for the year was $190,000. Estimated tax deposits of $175,000 had been made during 20X0, and on December 31, 20X0, the accountant had accrued an additional liability of $10,000. Paid the tax due of $15,000. Paid first quarterly installment of $50,000 on 20X1 estimated federal income tax. Declared dividend of $0.05 per share on the 25,000 shares of common stock out- standing. The dividend is payable on June 30 to holders of record on June 15. Paid second quarterly installment of $50,000 on 20X1 estimated federal income tax. Paid the dividend declared on May 30. Paid third quarterly installment of $50,000 on 20X1 estimated federal income tax. Declared cash dividend of $0.05 per share on the 25,000 shares of common stock outstanding. The dividend is payable on December 1 to holders of record on November 15. Paid dividend declared on October 30. Paid fourth quarterly installment of $50,000 on 20X1 estimated federal income tax. In completing the worksheet at the end of the year, the accountant estimated that the total income tax for 20X1 was $195,000. The difference between this amount and the quarterly deposits is to be recorded as an adjustment.
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Analyze The Dividends Payable account would be 1250 DATE GENERAL JOURNAL DESCRIPTION 120X1 2 Mar 15 ...View the full answer
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Related Book For
College Accounting Chapters 1-30
ISBN: 9781260247909
16th Edition
Authors: David Haddock, John Price, Michael Farina
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