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Author Question: Triple S Supply Co. declared its annual cash dividend on its 3% preferred stock (total par value ... (Read 94 times)

stephzh

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on: Feb 18, 2020
Triple S Supply Co. declared its annual cash dividend on its 3% preferred stock (total par value $98,000) and a $0.25 per share cash dividend on its common stock (54,000 shares outstanding). The journal entry for the declaration date is:
◦ debit Retained Earnings $16,440, credit Dividends Payable - Preferred $2,940, credit Dividends Payable - Common $13,500
◦ no entry required on the declaration date.
◦ debit Retained Earnings $13,500, credit Dividends Payable $13,500
◦ debit Retained Earnings $4,260, credit Dividends Payable - Preferred $2,940, credit Dividends Payable - Common $1,320
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by stephzh on Feb 18, 2020

reversalruiz

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Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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stephzh

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Reply 2 on: Feb 18, 2020
YES! Correct, THANKS for helping me on my review

matt95

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Reply 3 on: Yesterday
Excellent

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