Question: The Board for Smith Co. declared a $0.10 per share cash dividend. Smith has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares in treasury

The Board for Smith Co. declared a $0.10 per share cash dividend. Smith has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares in treasury stock. The journal entry to record the dividend declaration is:

  • Debit Common Dividends $9,100; credit Common Dividend Payable $9,100.

  • Debit Common Dividends $9,500; credit Common Dividend Payable $9,500.

  • Debit Common Dividend Payable $9,100; credit Cash $9,100.

  • Debit Common Dividend Payable $9,500; credit Cash $9,500.

  • Debit Common Dividends $10,000; credit Common Dividend Payable $10,000.

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!

Q:

Fetzer Company declared a $0.10 per share cash dividend. The company has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares in treasury stock. The journal entry to record the payment...

Q:

Fetzer Company declared a $010 per share cash dividend. The company has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares In treasury stock. The journal entry to record the dividend...

Q:

Shelton Company declared a $ 0 . 1 0 per share cash dividend. Shelton Company has 1 0 0 , 0 0 0 shares authorized, 9 5 , 0 0 0 shares issued, and 4 , 0 0 0 shares in treasury stock. The journal entry...

Q:

Item 9 Item 9 Fetzer Company declared a $0.10 per share cash dividend. The company has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares in treasury stock. The journal entry to record...

Q:

Fetzer Company declared a $0.10 per share cash dividend. The company has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares in treasury stock. The journal entry to record the payment...

Q:

1- Fetzer Company declared a $0.30 per share cash dividend. The company has 380,000 shares authorized, 361,000 shares issued, and 15,200 shares in treasury stock. The journal entry to record the...

Q:

The Board for Smith Co. declared a $0.10 per share cash dividend. Smith has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares in treasury stock. The journal entry to record the...

Q:

1. a company has 900 share of $61 par preferred stock. It also has 14,000 shares of common stock outstanding, and its total stockholders' equity equals 532,300. The book value per common share is 2....

Q:

1/ Cox, North, and Lee form a partnership. Cox contributes $201,000, North contributes $167,500, and Lee contributes $301,500. Their partnership agreement calls for a 6% interest allowance on the...

Q:

Answer all plz A corporation issued 6,000 shares of its exist10 par value common stock in exchange for land that has a market value of exist84,000. The entry to record this transaction would include:...

Q:

An artillery target may be either at point I with or at point II with probability - We 8 1 probability have 21 shells each of which can be fired either at point I or II. Each shell may hit the target...

Q:

Let A and B be arbitrary random events. a) Prove that if A and B are statistically independent, then A and B are statistically independent. (Hint: start from the definition of statistical...

Q:

1. The fiscal year of the company ends on December 31.

Q:

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

Q:

Address an envelope properly.

Q:

Discuss guidelines for ethical business communication.

Q:

Discuss the elements that create clear, concise, and effective sentences.