quiz F-answer - .$3,000,000 Plus net

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ANSWERS TO QUIZ F 1-5EDAEB 6-10CCBCC 11-15ECCAC PROBLEM 1. 2. a. Feb.15 Retained earnings ………………………………………1,250,000 (50%*5*500,000) Common stock dividend distributable…………………. .1,250,000(50%*5*500,000) Mar 20, Common stock dividend distributable……………………. .1,250,000(5%*5*500,000) Common stock…………………………………………………1,250,000 May 1 outstanding shares=500,000+500,000*50%=750,000 Retained earnings…………………………………………………375,000 Common dividend payable…………………………………375,000 (0.5*750,000) June 1 Common dividend payable…………………………………375,000 (0.5*750,000) Cash ………………………………………………………. 375,000 b. Dawls Corporation statement of Retained Earnings for the year ended December 31,2010 Retained earnings, December 31,2009………………………………………….
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Unformatted text preview: .$3,000,000 Plus net income…………………………………………………………………. .$1,600,000 Less : Stock dividend (50%*5*500,000)………………………………………. . $1,250,000 Cash dividend……………………………………………………………. ... $375,000 Retained earnings, December 31,2010…………………………………………$2,975,000 3. 4. 1. X*4.1002=700,000 X=170,723.38=170,723 2.2009.12.31 Interest expense……………………………….8167 Interest payable………………………………….8167(700,000*7%*2/12) October 31 Interest expense………………………………. 40,833 (700,000*7%*10/12) Notes payable…………………………………121723 (170,723-40,833-8167) Interest payable………………………………….8167 (700,000*7%*2/12) Cash…………………………………………… .170,723 (700,000*7%)...
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quiz F-answer - .$3,000,000 Plus net

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