Homework Answers
Solution:
| Journal Entries - James Company | |||
| Date | Particulars | Debit | Credit |
| 2-Dec | Equity Investment dr | $133,140.00 | |
| To Cash | $133,140.00 | ||
| (To record investment in shares of Andrew corporation) | |||
| 31-Dec | Dividend receivables Dr | $25,360.00 | |
| To Dividend revenue | $25,360.00 | ||
| (To record share of dividend) | |||
| 31-Dec | Unrealized holding gain or loss - OCI Dr | $25,360.00 | |
| To Fair value adjustment | $25,360.00 | ||
| (To record adjustment to fair value) | |||
Add Answer to:
During December of the current year, James Company acquired some of the 49,600 outstanding shares of...
Required information The following information applies to the questions displayed below.) Gioia Company acquired some of...
Required information The following information applies to the questions displayed below.) Gioia Company acquired some of the 74,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the current year: Jan. 10 Dec. 31 Purchased 19,875 shares of Tristean common stock at $10 per hare. Received the current year financial statements of Tristezza Corporation that reported...
Italian Stallion has the following transactions during the year related to stockholders' equity 1 Issues 4,700...
Italian Stallion has the following transactions during the year related to stockholders' equity 1 Issues 4,700 shares of no-par common stock for $16 per share. February May 15 Issues 300 shares of $10 par value, 6% preferred stock for $13 per share. October 1 Declares a cash dividend of $0.60 per share to all stockholders of record (both common and preferred) on October 15 October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required:...
m an ansactions of Kodax Company. Year 1 Jan. 2 Purchased 87,000 shares of Grecco Co....
m an ansactions of Kodax Company. Year 1 Jan. 2 Purchased 87,000 shares of Grecco Co. common stock for $536,000 cash. Grecco has 261,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.40 per share. Dec. 31 Grecco announced that net income for the year is $509,400. Year 2 June 1 Grecco declared and paid a cash dividend of $3.ee per share. Dec. 31...
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share....
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale. Ellis sold 800,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 200,000 shares at $43 Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares of treasury stock for $42 per share. Note: Enter debits before credits. Credit Date General Journal Debit August 15, 2021 Record entry View general journal 4 View transaction list Journal entry worksheet 1 2 3 4 5 Record the declaration of a cash dividend on its common stock of $1.20 per share and a $456,000 (4% of par value) cash dividend on its preferred...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$25 par...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$25 par value, 100,000 shares authorized,
60,000 shares issued and outstanding
$
1,500,000
Paid-in capital in excess of par value, common stock
80,000
Retained earnings
370,000
Total stockholders' equity
$
1,950,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 4,500 shares of its own stock at $20 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
Ellis Transport Company acquired 1.6 million shares of stock in L&K Corporation at $88 per share....
Ellis Transport Company acquired 1.6 million shares of stock in L&K Corporation at $88 per share. They are classified by Ellis as "available for sale." Ellis sold 600,000 shares at $90, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $87. Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb....
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 360 shares of the company's own common stock at $25 cash per share. b. Jul. 15 Sold 120 of the shares purchased on February 1 for $26 cash per share. c. Sept. 1 Sold 90 of the shares purchased on February 1 for $24 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. (If no...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1.54,000 shares...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1.54,000 shares of $6 par common stock. 2.5,000 shares of $140 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later, Elroy resold 450 shares of the treasury stock for $38 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the...
Required information The following information applies to the questions displayed below.) Gioia Company acquired some of the 74,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the current year: Jan. 10 Dec. 31 Purchased 19,875 shares of Tristean common stock at $10 per hare. Received the current year financial statements of Tristezza Corporation that reported...
Italian Stallion has the following transactions during the year related to stockholders' equity 1 Issues 4,700 shares of no-par common stock for $16 per share. February May 15 Issues 300 shares of $10 par value, 6% preferred stock for $13 per share. October 1 Declares a cash dividend of $0.60 per share to all stockholders of record (both common and preferred) on October 15 October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required:...
m an ansactions of Kodax Company. Year 1 Jan. 2 Purchased 87,000 shares of Grecco Co. common stock for $536,000 cash. Grecco has 261,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.40 per share. Dec. 31 Grecco announced that net income for the year is $509,400. Year 2 June 1 Grecco declared and paid a cash dividend of $3.ee per share. Dec. 31...
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale. Ellis sold 800,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 200,000 shares at $43 Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares of treasury stock for $42 per share. Note: Enter debits before credits. Credit Date General Journal Debit August 15, 2021 Record entry View general journal 4 View transaction list Journal entry worksheet 1 2 3 4 5 Record the declaration of a cash dividend on its common stock of $1.20 per share and a $456,000 (4% of par value) cash dividend on its preferred...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$25 par value, 100,000 shares authorized,
60,000 shares issued and outstanding
$
1,500,000
Paid-in capital in excess of par value, common stock
80,000
Retained earnings
370,000
Total stockholders' equity
$
1,950,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 4,500 shares of its own stock at $20 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
Ellis Transport Company acquired 1.6 million shares of stock in L&K Corporation at $88 per share. They are classified by Ellis as "available for sale." Ellis sold 600,000 shares at $90, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $87. Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 360 shares of the company's own common stock at $25 cash per share. b. Jul. 15 Sold 120 of the shares purchased on February 1 for $26 cash per share. c. Sept. 1 Sold 90 of the shares purchased on February 1 for $24 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. (If no...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1.54,000 shares of $6 par common stock. 2.5,000 shares of $140 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later, Elroy resold 450 shares of the treasury stock for $38 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the...
Most questions answered within 3 hours.
-
An entomologist discovers a dung beetle rolling a ball of dung
along the ground, and decides...
asked 31 minutes ago -
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 2 hours ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 2 hours ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 3 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 3 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 4 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 4 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 4 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 5 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 5 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 5 hours ago -
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 6 hours ago