M Company had a retained earnings balance of $4,200 on June 30, 2010. For the fiscal year ended June 30, 2011, sales were $24,000 and expenses were $12,500. Cash dividends of $2,500 were declared and distributed on June 1, 2011. What was the amount of retained earnings on June 30, 2011?
Modern Co., Inc., the electronics and appliance chain, reported these figures in millions of dollars:Requirements1. Compute Moderns average collection period during 2011.2. Is Moderns collection period long or short? Viflex Networks takes 40 days to collect its average level of receivables. Domarko, the overnight shipper, takes 34 days.
What causes Moderns collection period to be sodifferent?
Micro Machines Inc. declared a cash dividend of $1.50 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15.
Prepare all journal entries necessary on those three dates
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