Fowler Co.'s balance sheet showed the following at December 31, 2013: A cash dividend is declared on December 31, 2013, and is payable on January 20, 2014, to shareholders of record on January 10, 2014.
Required:
(1.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.
(2.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

Question

Fowler Co.'s balance sheet showed the following at December 31, 2013:  A cash dividend is declared on December 31, 2013, and is payable on January 20, 2014, to shareholders of record on January 10, 2014.
Required:
(1.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.
(2.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

Quizplus · Accepted Answer

The Answer of Fowler Co.'s balance sheet showed the following at December 31, 2013:  A cash dividend is declared on December 31, 2013, and is payable on January 20, 2014, to shareholders of record on January 10, 2014.
Required:
(1.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.
(2.) Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

Fowler Co'S Balance Sheet Showed the Following at December 31, 2013