XYZ Robotics Inc. was organized on January 1, 2019, with 530,000 shares authorized; 190,000 shares were issued on January 5, 2019. XYZ Robotics Inc. earned $250,000 during 2019 and declared a dividend of $0.28 per share on December 16, 2019, payable to shareholders on January 6, 2020. a. Journalize the declaration and payment of the dividend. b. Compute the balance of Retained Earnings on December 31, 2019.
XYZ Robotics Inc. was organized on January 1, 2019, with 530,000 shares authorized; 190,000 shares were issued on January 5, 2019. XYZ Robotics Inc. earned $250,000 during 2019 and declared a dividend of $0.28 per share on December 16, 2019, payable to shareholders on January 6, 2020. a. Journalize the declaration and payment of the dividend. b. Compute the balance of Retained Earnings on December 31, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i need the answer quickly
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education