Almond, Inc held its quarterly dividend meeting on December 8. At that time, the directors declared that a $1.50 per share cash dividend would be paid to the holders of record on Monday, January 1. Before the dividend was declared, the firm's cash balance was $30,000 and its accumulated retained earnings balance totaled $1,280,000. The firm has 10,000 shares of common stock outstanding. What were the balances in the cash, dividends payable, and retained earnings accounts on January 2?

Almond, Inc held its quarterly dividend meeting on December 8. At that time, the directors declared that a $1.50 per share cash dividend would be paid to the holders of record on Monday, January 1. Before the dividend was declared, the firm's cash balance was $30,000 and its accumulated retained earnings balance totaled $1,280,000. The firm has 10,000 shares of common stock outstanding. What were the balances in the cash, dividends payable, and retained earnings accounts on January 2?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...

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