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professor190 [17]
3 years ago
7

Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on Dec

ember 1, the board voted to declare a cash dividend of $5 per share to be paid on December 31, to shareholders of record as of December 16.
Required:
Write the necessary journal entry on the date of declaration by selecting the account names.
Business
1 answer:
DaniilM [7]3 years ago
4 0

Answer:

See the journal entry below

Explanation:

Retained earnings A/c Dr $500,000

Dividends payable A/c Cr $500,000

Here, cash dividend is being declared by the board on 100,000 shares hence the account of retained earnings is debited and account of dividends payable is credited.

NB.

Amount = Share × Price per share

Given that;

Share = 100,000

Price per share = $5

Amount

= 100,000 × $5

= $500,000

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The importance of knowing dependent and independent demand models to companies is that it is a way for one to be able:

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<h3>What is independent demand and dependent demand?</h3>

Independent demand is known to be the demand for a given finished product. It can be a machine, a car. etc.

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