Prepare the journal entries to record the declaration

Assignment Help Financial Accounting
Reference no: EM132489404

A recent annual report for Malestrom Inc. disclosed that the company declared and paid dividends on common stock in the amount of $1.90 per share. During the year, Malestrom had 1,007,000,000 authorized shares of common stock and 191,270,000 issued shares. There is no treasury stock.

Required:

Question 1: Assume Malestrom declared the entire dividend ($1.90 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).)

Reference no: EM132489404

Questions Cloud

Factors that affect price elasticity of supply : What are three (3) factors that affect price elasticity of supply. Include in your answer application of these factors to a current business/organisation.
Determine board of directors announced : Determine board of directors announced a 6-for-5 stock split (i.e., a 20 percent increase in the number of shares). The market price prior to the split
Example of post-investment holdup : Which of the above, if any, are an example of post-investment holdup? Define the following and explain each within the context of a chosen scenario:
Early stage of the covid 19 virus : During the early stage of the COVID 19 virus, the price of face mask in China increased by as much as 10 times compared to the price before the virus.
Prepare the journal entries to record the declaration : Prepare the journal entries to record the declaration and payment of dividends. (If no entry is required for a transaction/event, select "No journal entry")
Total revenue of the remaining heroin dealers : Use demand and supply graph(s) and the price elasticity of demand concept; explain why an arrest of drug dealers that results in a 50 percent reduction
Contemplating setting a maximum price for eggs : Use demand and supply diagram illustrate and explain the impact of such an action on the market for eggs.
What is an audit program to audit revenue : What is an audit program to audit revenue? You will use all of the relevant management assertions as the audit objectives, and you should
Determine and draw up a trial balance on august : Post the August journal entries to the ledger. Post the entries in the order of information presented in the question. Draw up a trial balance on August 31

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd