Homework Answers
| Date | General Journal | Debit | Credit |
| Apr 18 | Short-term investments | $20,230 | |
| Cash | $20,230 | ||
| (390 x $51 = $19,890 + $340) = $20,230 | |||
| May 30 | Cash | $741 | |
| Dividend Revenue | $741 | ||
| (390 x $1.90) | |||
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On April 18, Riley Co. made a short-term investment in 390 common shares of XLT Co....
Help Save & Chec Prepare Riley Company's journal entries to record the following transactions for the...
Help Save & Chec Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 300 common shares of XLT Co. as a short-ters investeent at a cost of 142 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1 per share from XLT in dividends. View transaction list Journal entry worksheet Purchases 300 common shares of XLT Co. as a short-term investment at a cost of...
Prepare Hertog Company's journal entries to reflect the following transactions for the current year. May 7...
Prepare Hertog Company's journal entries to reflect the following transactions for the current year. May 7 Purchases 220 shares of Kraft stock as a short-term investment in trading securities at a cost of $52 per share plus $320 in broker fees. June 6 Sells 220 shares of its investment in Kraft stock at $58 per share. The broker's commission on this sale is $160. View transaction list Journal entry worksheet Record the purchase of 220 shares of Kraft stock as...
Prepare journal entries to record the following transactions involving the short-term stock investments of Duke Co.,...
Prepare journal entries to record the following transactions involving the short-term stock investments of Duke Co., all of which occurred during the current year. a. On March 22, purchased 820 shares of RPI Company stock at $25 per share. Duke's stock Investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 410 shares of RPI stock...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockhold...
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Penne Pharmaceuticals sold 18 million shares of its $1 par common stock to provide funds for...
Penne Pharmaceuticals sold 18 million shares of its $1 par
common stock to provide funds for research and development. If the
issue price is $15 per share, what is the journal entry to record
the sale of the shares? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions (i.e., 10,000,000
should be entered as 10).)
Penne Pharmaceuticals sold 18 million shares of its $1 par common...
As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 420,000 shares for...
As a long-term investment, Painters' Equipment Company purchased
20% of AMC Supplies Inc.'s 420,000 shares for $500,000 at the
beginning of the fiscal year of both companies. On the purchase
date, the fair value and book value of AMC’s net assets were equal.
During the year, AMC earned net income of $270,000 and distributed
cash dividends of 25 cents per share. At year-end, the fair value
of the shares is $527,000.
Required information Exercise 12-19 (Algo) Investment securities and equity...
Plankton Corporation had the following transactions related to short-term investments during 2019: 1. Purchased 9,000 shares...
Plankton Corporation had the following transactions related to short-term investments during 2019: 1. Purchased 9,000 shares of Gary Preferred Stock for $42.80 per share plus $1,800 of broker's fees. 2. Purchased a $70,000, 6%, 10 year bond of Karen Corporation for $74,000 cash. Interest is paid semi-annually. 3. Received an $0.80 per share cash dividend on the Gary Preferred Stock. 4. Sold 4,000 shares of Gary Preferred Stock for $46 per share less $500 broker's fees. 5. Received a semi-annual...
5 required entries: 1. Record the issuance of 46,000 additional shares of $1 par value common...
5 required entries:
1. Record the issuance of 46,000 additional shares of $1 par
value common stock for $43 per share.
2. Record the purchase of 4,100 shares of treasury stock for $46
per share.
3. Record the declaration of a cash dividend of $1.05 per share
to all stockholders of record on June 15.
4. Record payment of the cash dividend declared on June 1.
5. Record the resale of 2,050 shares of treasury stock purchased
on May 10...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockhold...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25,...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...
Help Save & Chec Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 300 common shares of XLT Co. as a short-ters investeent at a cost of 142 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1 per share from XLT in dividends. View transaction list Journal entry worksheet Purchases 300 common shares of XLT Co. as a short-term investment at a cost of...
Prepare Hertog Company's journal entries to reflect the following transactions for the current year. May 7 Purchases 220 shares of Kraft stock as a short-term investment in trading securities at a cost of $52 per share plus $320 in broker fees. June 6 Sells 220 shares of its investment in Kraft stock at $58 per share. The broker's commission on this sale is $160. View transaction list Journal entry worksheet Record the purchase of 220 shares of Kraft stock as...
Prepare journal entries to record the following transactions involving the short-term stock investments of Duke Co., all of which occurred during the current year. a. On March 22, purchased 820 shares of RPI Company stock at $25 per share. Duke's stock Investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 410 shares of RPI stock...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet...
Penne Pharmaceuticals sold 18 million shares of its $1 par
common stock to provide funds for research and development. If the
issue price is $15 per share, what is the journal entry to record
the sale of the shares? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions (i.e., 10,000,000
should be entered as 10).)
Penne Pharmaceuticals sold 18 million shares of its $1 par common...
As a long-term investment, Painters' Equipment Company purchased
20% of AMC Supplies Inc.'s 420,000 shares for $500,000 at the
beginning of the fiscal year of both companies. On the purchase
date, the fair value and book value of AMC’s net assets were equal.
During the year, AMC earned net income of $270,000 and distributed
cash dividends of 25 cents per share. At year-end, the fair value
of the shares is $527,000.
Required information Exercise 12-19 (Algo) Investment securities and equity...
Plankton Corporation had the following transactions related to short-term investments during 2019: 1. Purchased 9,000 shares of Gary Preferred Stock for $42.80 per share plus $1,800 of broker's fees. 2. Purchased a $70,000, 6%, 10 year bond of Karen Corporation for $74,000 cash. Interest is paid semi-annually. 3. Received an $0.80 per share cash dividend on the Gary Preferred Stock. 4. Sold 4,000 shares of Gary Preferred Stock for $46 per share less $500 broker's fees. 5. Received a semi-annual...
5 required entries:
1. Record the issuance of 46,000 additional shares of $1 par
value common stock for $43 per share.
2. Record the purchase of 4,100 shares of treasury stock for $46
per share.
3. Record the declaration of a cash dividend of $1.05 per share
to all stockholders of record on June 15.
4. Record payment of the cash dividend declared on June 1.
5. Record the resale of 2,050 shares of treasury stock purchased
on May 10...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...
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