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Irina18 [472]
2 years ago
5

Hernandez Company has 560,000 shares of $10 par value common stock outstanding. During the year, Hernandez declared a 10% stock

dividend when the market price of the stock was $30 per share. Four months later Hernandez declared a $.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by
Business
1 answer:
denis-greek [22]2 years ago
3 0

Answer:

RE decrease: 1,960,000

Explanation:

Retained earnings will decrease for the total amount of the dividends.

<u>stocks dividends</u>

560,000 shares

10% stock dividends: 560,000 x 10% = 56,000 shares

56,000 x $30 = 1,680,000 stock dividends

<u>cash dividends:</u>

560,000 x 0.50 per share = 280,000 cash dividends

Total dividends: 1,680,000 + 280,000 = 1,960,000

that will be the RE decrease

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Explanation:

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A private university offers graduate assistantships to qualified students each year. In exchange for the waiver oftuition, gradu
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