Learning Goal 1
P14–1 Dividend payment procedures At the quarterly dividend meeting, Wood Shoes declared a cash dividend of $1.10 per share for holders of record on Monday, July 10. The firm has 300,000 shares of common stock outstanding and has set a payment date of July 31. Prior to the dividend declaration, the firm’s key accounts were as follows:
Cash $500,000 Dividends payable $0 Retained earnings $2,500,000
Show the entries after the meeting adjourned.
When is the ex dividend date?
What values would the ...