Homework Answers
Solution:
| Journal Entries - Ivanhoe Company | ||||
| Event | Date | Particulars | Debit | Credit |
| 1 | 1-Jan-22 | Investment in Grinworld Inc. Dr | $2,250,000.00 | |
| To Cash | $2,250,000.00 | |||
| (To record investment in grinworld) | ||||
| 2 | 30-Jun-22 | Cash Dr | $75,000.00 | |
| To Investment in Grinworld Inc. | $75,000.00 | |||
| (To record share of dividend) | ||||
| 3 | 31-Dec-22 | Cash Dr | $75,000.00 | |
| To Investment in Grinworld Inc. | $75,000.00 | |||
| (To record share of dividend) | ||||
| 4 | 31-Dec-22 | Investment in Grinworld Inc. Dr | $300,000.00 | |
| To Investment Income | $300,000.00 | |||
| (To record share of income in Grinworld) | ||||
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Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Sunland Cosmetics acquired 12% of the 287,500 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $80,200 dividend. On December 31, Elite reported net income of $228,100 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2....
Weekly View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase...
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Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent...
Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Sunland Cosmetics acquired 12% of the 287.500 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $80.200 dividend. On December 31, Elite reported net income of $228,100 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2....
Question 2 --/1 View Policies Current Attempt in Progress Ivanhoe Co. uses the gross method to record sales made on cre...
Question 2 --/1 View Policies Current Attempt in Progress Ivanhoe Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $60,000 with terms 3/15, n/45. On June 12, 2017, Ivanhoe received full payment for the June 1 sale. Prepare the required journal entries for Ivanhoe Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when...
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Question 4 View Policies Current Attempt in Progress This is the trial balance of Ivanhoe Company...
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Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Sunland Cosmetics acquired 12% of the 287,500 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $80,200 dividend. On December 31, Elite reported net income of $228,100 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2....
Weekly View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Ivanhoe Company's books. Ivanhoe uses a perpetual inventory system ces tions Jan. 2 Ivanhoe purchased $20,800 of merchandise from Feng Company, terms 1/30. FOB shipping point. 4 The correct company paid freight costs of $265 6 Ivanhoe returned $2.200 of the merchandise purchased on January 2 because it was not needed. Feb. 1 Ivanhoe paid the balance owing to Feng JS Support...
Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Sunland Cosmetics acquired 12% of the 287.500 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $80.200 dividend. On December 31, Elite reported net income of $228,100 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2....
Question 2 --/1 View Policies Current Attempt in Progress Ivanhoe Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $60,000 with terms 3/15, n/45. On June 12, 2017, Ivanhoe received full payment for the June 1 sale. Prepare the required journal entries for Ivanhoe Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when...
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