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Category > Business & Finance Posted 19 May 2017 My Price 8.00

#18) Gifford Corporation earned

#18) Gifford Corporation earned net income of $125,000 during the year ended December 31, 2014. On December 15, Gifford declared the annual cash dividend on its 4% preferred stock (15,000 shares with total par value of $150,000) and a $1.00 per share cash dividend on its common stock (45,000 shares with total par value of $450,000). Gifford then paid the dividends on January 4, 2015.

Journalize the following for Gifford Corporation:

a. Declaring the cash dividends on December 15, 2014

b. Paying the cash dividends on Januaary 4, 2015

Did Retained Earnings increase or decrease during 2014? By how much?

a. Journalize the Gifford Corporation the declaration for the cash dividends on December 15, 2014. (Record debits fir, then credits. Exclude explanations from any journal entries.)

                                                         Journal Entry

                                                         Accounts                                                                  Debits                               Credits

2014

Dec         15      ( Accounts Payable, Cash, Dividends Payable, retained Earings)           ________                         _______

                           ____________________________________________________          ________                         _______

                          _____________________________________________________         _______                              _______

                         ____________________________________________________             _______                               ______

 

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Status NEW Posted 19 May 2017 04:05 AM My Price 8.00

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