Question: Problem 3: Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend

Problem 3: Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2019. Requirements 1. Journalize for Java the entry declaring the cash dividends on December 15, 2018. 2. Journalize for Java the entry paying the cash dividends on January 4, 2019

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Long-term debt ratio 0.3 Times interest earned 8.0 Current ratio 1.1 Quick ratio 1.0 Cash ratio 0.3 Inventory turnover 4.0 Average collection period 73 days 1.A. Use the above information from the...

1.- Chihuahuas Inc. reported the following before-tax items during the current year: Sales revenue $3,000 Selling and administrative expenses 1,250 Foreign currency translation gain 300 Gain on...

Java company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25...

Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25...

Accounting for cash dividends Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par...

Nelson Corporation issued 9,000 shares of $3 stated value common stock for $11 per share on July 7 Record the stock issuance. (Record debits first, then credits. Select the explanation on the last...

Java Company earned net income of $85,000 during the year ended December 31, 2024. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25...

Java Company earned net income of $85,000 during the year ended December 31, 2016. On December 15, Java declared the annual cash dividend on its 5% preferred stock (par value, $100,000) and a $1.00...

renchroast Company earned net income of $ 9 5 , 0 0 0 during the year ended December 3 1 , 2 0 2 0 . On December 1 5 , Frenchroast declared the annual cash dividend on its 2 % preferred stock ( par...

s13-7 S13-7 Accounting for cash dividends Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred...

Stripe Limited prepares its accounts to 31 December each year. It purchased a building in January 2014 for 200,000. The directors decided to depreciate the building on a straight line basis over 50...

Fondue Oil Refining Company processes gasoline. At April 1 of the current year, 4,500 units were 2/3 completed in the Blending Department. During April, 18,000 units entered the Blending Department...

A study of various news home pages reports that the mean number of bad links per home page is 0.4 and the mean number of spelling errors per home page is 0.16. Use the Poisson distribution to find...

Which of the following are problems with identifying users of ABC? Multiple select question. ABC means different things to different organizations. Organizations will announce the discontinuance of...

Distinguish between concurrent and predictive validation designs, discussing why the latter is preferred over the former. Examine each of the nine selection methods discussed in this chapter and...

Is the presentation consistent? (Example: If you use all caps for the name of your most recent workplace, do you do that for previous workplaces as well?) The more yes answers you gave, the more...

Melinda, bellowed Toran, Ive got a problem and youve got to solve it. I cant get people in this plant to work together as a team. As if I dont have enough trouble with the competition and delinquent...