Reference no: EM132600527

The board of Directors of Misamis Oriental Ferries,Incorporated at their meeting on May 19,2006 declared a 10% cash dividend payable on sept. 17, 2006 to stockholders of record on July 31, 2006. The number of shares issued and outstanding were 5,000 shares with par value of 100 per share.

Question 1: How much amount of dividend should be declared?

Question 2: What is the entry yo record the declaration of cash dividend on may 19?

Question 3: What should be done on July 31, 2006?

Question 4: What is the entry to record payment of cash dividend on Sept. 17?

Question 5: How much is the cash dividend per share?

Question 6: If Cynthia tac-an owns 1000 shares, how much cash divedend will she receive?

Question 7: Assuming that each dividend declared is not yet paid to stockholders as of balance sheet date,it is presented in the balance sheet as a?