College Accounting

posted by .

Recording federal income tax transactions and cash dividend transactions. Selected transactions of Divad Corporation during 2013 follow. Record them in the general journal. Analyze: What annual per share dividend was paid to common stockholders in 2013?
Mar. 15 Filed the federal income tax return for 2012. the total tax for the year was $125,250. During 2012, quarterly deposits of estimated tax totaling $120,000 had been made. The additional tax of $5,250 was paid with the return. On December 31, 2012, the accountant had estimated the total tax for 2012 to be $123,600 and had recorded a liability of $3,600 for federal income tax payable.
Apr. 15 Paid first quarterly installment of $32,000 on 2013 estimated federal income tax.
May 3 Declared dividend of $0.25 per share on the 40,000 shares of common stock outstanding. The dividend is payable on June 2 to stockholders of record as of May 20,2013.
June 2 Paid dividend declared on may 3.
June 15 Paid second quarterly installment of $32,000 on 2013 estimated federal income tax.
Sept. 15 Paid third quarterly installment of $ 32,000 on 2013 estimated federal income tax.
Nov. 2 Declared dividend of $0.25 per share on 40,000 shares of common stock outstanding. The dividend is payable on December 2 to holders of record on November 20.
Dec. 2 Paid dividend declared on November 2.
Dec. 15 Paid fourth quarterly installment of $32,000 on 2013 estimated income tax.
Dec. 31 total income tax for 2013 was $128,940. Record as an adjustment the difference between this amount and the total quarterly deposits.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    I need help in preparing the following: 1) record the 2008 transactions in journal form. 2) prepared the stockholders equt7y section of the company balance sheet as of December 31, 2008. Assume net income for the year is $4000, 000 …
  2. 2 Part of accounting

    2 part of Accounting Homework Mar. 5 Declared a $.40 per share cash dividend to be paid on April 6 to stockholders of record on March 20. Mar 20 Date of record Apri. 6 Paid the cash dividend June 17 Declared a 10% stock dividend to …
  3. accounting

    A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the current …
  4. accounting

    When Collum Corporation was organized in January 2011, it immediately issued 10,000 shares of $60 par, 5 percent, cumulative preferred stock and 20,000 shares of $10 par common stock. The company's earnings history is as follows: 2011, …
  5. Financial Accounting

    Incentive Corporation was organized in 2009 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $4 per share. 12,000 shares. During the first year, the following selected …
  6. accounting

    Recording federal income tax transaction and cash dividend transactions. What annual per share dividend was paid to common stockholders in 2010?
  7. ACCOUNTING- 2

    HELP HERE IS WHOLE PROBLEM.IT NEEDS TO BE JOURNALIZED PROPERLY. mAY 15-fILED THE FEDERAL INCOME TAX RETURN FOR 2009. THE TOTAL TAX FOR THE YEAR WAS 124,000. DURING 2009, QUARTERLY DEPOSITS OF ESTIMATED TAX TOTALING 122,700 ;HAD BEN …
  8. accounting

    Pearson began 20XX with 30,000 $1 common shares issued and outstanding. Paid in capital in excess of par was $25,000 and retained earnings were $75,000. Net income for 20XXwas $22,000. Requirements: Review Pearson's transactions for …
  9. accounts

    I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking place between 1 april 2013 to 30 june 2013(accounting …
  10. Accounting/Finance

    Temte Corporation is authorized to issue 1,000,000 shares of no-par common stock and 250,000 shares of 6 percent, $25 par value, cumulative preferred stock. These events affected stockholders’ equity during the first year of operations: …

More Similar Questions