FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
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Sunland Developments is authorized to issue 500,000 shares. To date, the company has 179,200 shares issued and 147,100 outstanding. Sunland is considering declaring a dividend to its common shareholders. Management is recommending that the board of directors consider the following options at the next meeting, scheduled for March 1: 1. 2. (a) The board of directors should approve a motion directing the company to pay a dividend of $0.40 per share on May 1 to shareholders of record on April 15; or The board should approve a motion directing the company to declare a 10% stock dividend. Sunland would distribute 1 common share for every 10 common shares currently held. The company's common shares are currently selling for $53 per share. Your answer is partially correct. Prepare any necessary journal entries for the cash dividend on March 1, April 15, and May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date March 1 April 15 May 1 Account Titles and Explanation Dividends Payable Cash Debit 1000 Credit
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Transcribed Image Text:Sunland Developments is authorized to issue 500,000 shares. To date, the company has 179,200 shares issued and 147,100 outstanding. Sunland is considering declaring a dividend to its common shareholders. Management is recommending that the board of directors consider the following options at the next meeting, scheduled for March 1: 1. 2. (a) The board of directors should approve a motion directing the company to pay a dividend of $0.40 per share on May 1 to shareholders of record on April 15; or The board should approve a motion directing the company to declare a 10% stock dividend. Sunland would distribute 1 common share for every 10 common shares currently held. The company's common shares are currently selling for $53 per share. Your answer is partially correct. Prepare any necessary journal entries for the cash dividend on March 1, April 15, and May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date March 1 April 15 May 1 Account Titles and Explanation Dividends Payable Cash Debit 1000 Credit
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