On January 1, Chevon Enterprises had 95,000 no-par ordinary shares issued and outstanding. The shares have a

Question:

On January 1, Chevon Enterprises had 95,000 no-par ordinary shares issued and outstanding. The shares have a stated value of €5 per share. During the year, the following occurred.

Apr. 1 Issued 25,000 additional ordinary shares for €17 per share.
June 15 Declared a cash dividend of €1 per share to shareholders of record on June 30.
July 10 Paid the €1 cash dividend.
Dec. 1 Issued 2,000 additional ordinary shares for €19 per share.
15 Declared a cash dividend on outstanding shares of €1.20 per share to shareholders of record on December 31.

Instructions
a. Prepare the entries to record these transactions.
b. How are dividends and dividends payable reported in the financial statements prepared at December 31?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...

Fantastic news! We've Found the answer you've been seeking!