On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145 brokerage commission. On April 12, a $0.30-per-share dividend was received on the Tolle Company stock. On June 10, 6,200 shares of the Tolle Company stock were sold for $34 per share less a $130 brokerage commission. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Q: On January 1, Puroland Corporation was incorporated, with 100,000 authorized ordinaryshares of P100…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: A company manufactures three products using the same production process. The costs incurred up to…
A: By using incremental approach Additional cost of production need to compare with additional revenue…
Q: is Raines's net income for 2010? at is its operating cash now? lain your results in (a) and (b)
A: a. Computation of Net Income for 2010: Sales 740000 Less: Cost of goods sold 610000 Gross…
Q: Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO…
A: Under the dollar value LIFO method, the inventory at December 31, 2022, should be:
Q: weet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent…
A: There are two type of bases that are used in accounting. One is accrual basis and other is cash…
Q: Dividend Yield Los Altos, Inc., disclosed the following information in a recent annual report:…
A: Common stock dividend yield = Dividend / Price Year 1 = $1.58 / $26.30 = 0.06007 or 6.0% Year 2 =…
Q: Do you believe that KFC would have been so successful in China today if executives had tried to make…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The following note transactions occurred during the year for Towell Company: On Nov. 25, Towell…
A: Interest is an expense which is to be paid to the lender or creditor for making late payment for the…
Q: Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent…
A: Under cash basis of accounting, income is recorded when cash received and expense is recorded when…
Q: The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $…
A: INTRODUCTION: A financial statement is the balance sheet. It displays an entity's assets,…
Q: Where is the reconciliation of Beginning PBO to ending PBO found in the codification (give topic,…
A: Here discuss about the accounting codification related with the accounting standard for the…
Q: How many contracts would you need to purchase to hedge interest rate risk on $5,000,000 of Treasury…
A: Number of contracts required for hedging = Exposure value of bondsValue of one future contract
Q: Sports Highlights Ltd. is a publisher of a professional sports magazine. The company reported the…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: During the year 2021 a company earned P376,000 during a period when it had an average of 100,000…
A: Earnings per share=Net income earned / Number of common shares Incremental shares= [(Market price of…
Q: Magenta Corporation wants to raise $50.6 million in a seasoned equity offering, net of all fees.…
A: The desired shares to be sold are determined with respect to the net price per share, after…
Q: The following information is taken from the annual report of Coca-Cola Enterprises, Inc.: (amounts…
A: Accounts receivable turnover is calculated by dividing the Net credit sales by the Average accounts…
Q: What is one of the factors to consider when determining the risk profile of inventory locations NOT…
A: Risk profile of inventory location is an critical evaluation and analysis of the inventory locations…
Q: While examining the December 31, 2010 financial statements of Dawn Company, the following errors…
A: The Question requires us to calculate corrected Net Income for the year ended December 31,2010.
Q: 11. Schultz Company expects to manufacture and sell 30,000 baskets in a 20x4 for $6 each. There are…
A: INTRODUCTION: Sales revenue is the revenue that a business brings in over the course of a fiscal…
Q: 20. The order in which accounting procedures are performed is A. 1) recording in the journal, 2)…
A: Let us understand the meaning first Journal Entry :- A journal entry is the act of recording any…
Q: The trial balance before adjustment of saturn corp shows the following balances. Accounts Receivable…
A: Estimated bad debts on the assumption that allowance to provide for doubtful accounts on the basis…
Q: You want to buy a $13,000.00 car. You can make a 10% down payment, and will finance the balance with…
A: The Equal Montly installment is calculated with the help of following formula EMI = P × r(1 + r)n…
Q: The following information pertains to Cheyenne Corp.. Cash balance per bank, July 31, $7,743. July…
A: INTRODUCTION: A journal entry is used to record a financial transaction in the accounting records of…
Q: onal Inc. believes that at its current stock price of P15.00 the firm is undervalued in the market.…
A: Pre share market price of shares: It is the price of the the shares which is estimated to earn a…
Q: Oster Company Ltd. manufactures dusk to dawn lamps. The following are the details of their operation…
A: Economic order quantity (EOQ) is a calculation used by firms to calculate their best order size,…
Q: EMC Corporation manufactures large-scale, high-performance computer systems. In a recent annual…
A: Bad debt expense for 2015=Balance of allowance for uncollectible accounts in 2014+Bad Debts written…
Q: Teoh, Meng and Chen are partners sharing profits and losses equally. The business performs has the…
A: Revaluation account Particulars Amount (RM) Particulars Amount (RM) To Partner's capital…
Q: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The…
A: INTRODUCTION: A capital gain is a rise in the value of an asset or investment due to price…
Q: Proceed Company acquired of the common stock of Stop Company on January 1, year one, for On that…
A: Consolidation is a process wherein a company acquires another company, the former company is known…
Q: 2. Accounts are generally grouped and kept together in the OA. ledger OB. general journal. OC. book…
A: The ledger is the summary of all of the accounts used in the business, along with record of the…
Q: Q, R and S carry on business sharing the profits in the ratio of 2:3:4 respectively. Capitals as on…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: Classify each of these transactions by type of cash flow activity.
A: There are Three types of Activities under Cash Flow Operating Activity: The activities performed by…
Q: What is the total effect of the errors on 2005 net income?
A: As per the Accrual Concept of Accounting, an expense should be recorded as expense only in that year…
Q: Orion Company sells several products. Information of average revenue and costs is as follows:…
A: Some companies follows variable costing approach to prepare income statement.In which contribution…
Q: If management’s assumptions hold, what is the expected per-share market price after repurchase?
A: Expected market price per share is the share price which is the price on which the shares of the…
Q: Lagro Co. was incorporated on July 1, 2021, with P200,000 from the issuance of stock and borrowed…
A: This is a basic question which can be solved by many methods like accounting equation or by making a…
Q: Adger Corporation purchased a machine for P150,000 on January 1, 2004. Adger will depreciate the…
A: Explanations: Prior Period Items are Income/Expenses that arises in the current period as a result…
Q: Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent…
A: The cash basis accounting system state that, the revenue and expenses should be recognized when cash…
Q: What is the Perpetual Inventory for Solaris Company Limited?
A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…
Q: Question 6 of 20: Select the best answer for the question. 6. To determine the effects of an entire…
A: Various types of accounting records are Balance sheet Income statement Invoice General journal…
Q: The following information is available from the accounting records of Spenser Co. for the year ended…
A: Loss from discontinuing operations is to be taken is = $17600 Net of tax savings of $5500 is…
Q: e Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT…
A: Minimum corporate income tax (MCIT) is only eligible for carried forward in case there is MCIT…
Q: Pina Colada Corp. has the following transactions related to notes receivable during the last 2…
A: Introduction: A journal entry is used in a company's accounting records to disclose a business…
Q: distribution. The net income for 2020 is P1,500,000. How much is the balance of Accumulated Profits…
A: A Company can issue dividend in the form of cash or shares. Dividend can be declared from Free…
Q: Starbucks financial statements provided, calculate and interpret the long-term liabilities ratios we…
A: Long-term liabilities ratios or long-term debt ratio refers to the ratio which reflects the number…
Q: An all-equity business has 150 million shares outstanding selling for $20 a share. Management…
A: Equity, also known as shareholders' equity (or owners' equity for privately held businesses), is the…
Q: A manufacturing company operates two processes. Output from Process 1 is transferred as input to…
A: Process costing is a accounting method which is used under mass production industry where number of…
Q: 6. What is true as we conclude whether we have done enough work to reduce the risk of material…
A: Here discuss about the details of the risk of material misstatement and its adoption in procedures…
Q: A company reports the following amounts at the end of the year: Total sales revenue = $560,000;…
A: Introduction: Net revenues: Deduction of sales returns , sales allowances , and sales discounts from…
Q: The Bank of America is considering its dividend policy. It can either choose to pay a total dividend…
A: Value of Stock = Present value of cash flows Required return is 15% per annum i.e 3.75% per quarter
Step by step
Solved in 2 steps
- Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.On January 23, 16,000 shares of Tolle Company are acquired at a price of $24 per share plus a $160 brokerage commission. On April 12, a $0.40-per-share dividend was received on the Tolle Company stock. On June 10, 6,400 shares of the Tolle Company stock were sold for $32 per share less a $100 brokerage commission. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40 brokerage commission. This was less than 20% ownership in the stock of M Company. On September 1, when recording the journal entry for this transaction, what account would be credited and for what amount for the acquisition of the 1,500 shares of M Company stock? Journal DATE DESCRIPTION PREF DEBIT CREDIT Sept. 1 (?) (?) Credit Investments-M Company Stock, $36,040 Credit Cash, $36,040 Credit Investments-M Company Stock, $36,000 Credit Cash, $36,000
- ctions On January 23, 15,000 shares of Aurora Company's common stock are acquired at a price of $25 per share plus a $140 brokerage commission. On April 12, a $0.35-per-share dividend was received on the Aurora Company stock. On June 10, 5,200 shares of the Aurora Company stock were sold for $31 per share less a $115 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 9,800 shares of Aurora Company's stock was $30 per share. Aurora Company has 190,000 shares of common stock outstanding. Required: Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. When required, round your answers to…Instructions ait of AC Journal On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of Edwards Co. common stock at $42 plus commission charges of $170. On June 1, a cash dividend of $1.85 per share was received. On November 12, 3,100 shares were sold at $49 less commission charges of $165. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 3,100 shares. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be debited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
- Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on April 22 for the receipt of the divided on the Gilbert Co. Stock? DATE DESCRIPTION PREF DEBIT CREDIT Apr. 22 (?) $2,520 (?) $2,520 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue O000On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common stock at $50 plus commission charges of $120. On June 1, a cash dividend of $1.40 per share was received. On November 12, 4,000 shares were sold at $62 less commission charges of $100. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 4,000 shares. Refer to the Chart of Accounts for exact wording of account titles.On September 12, 3,800 shares of Aspen Company are acquired at a price of $43.00 per share plus a $190 brokerage commission. On October 15, a $1.10-per-share dividend was received on the Aspen Company stock. On November 10, 1,520.00 shares of the Aspen Company stock were sold for $36 per share less a $76 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Sept. 12 Oct. 15 Nov. 10
- On September 12, 3,800 shares of Aspen Company are acquired at a price of $60.00 per share plus a $190 brokerage commission. On October 15, a $1.00-per-share dividend was received on the Aspen Company stock. On November 10, 1,520.00 shares of the Aspen Company stock were sold for $54 per share less a $76 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.On September 12, 2,600 shares of Aspen Company are acquired at a price of $48.00 per share plus a $130 brokerage commission. On October 15, a $1.00-per-share dividend was received on the Aspen Company stock. On November 10, 1,040.00 shares of the Aspen Company stock were sold for $43 per share less a $52 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Sept. 12 Investments-Aspen Company Stock fill in the blank 2 Cash fill in the blank 4 Oct. 15 Cash fill in the blank 6 fill in the blank 8 Nov. 10 fill in the blank 10 fill in the blank 11 fill in the blank 13 fill in the blank 14How to journalize the entry for december 31? Apr. 10 Purchased 5,000 shares of Delew Company’s common stock for a price of $49 per share plus a brokerage commission of $90. Delew Company has 230,000 shares of common stock outstanding. July 8 Received a quarterly dividend of $1.00 per share on the Delew Company investment. Sept. 10 Sold 1,100 shares for a price of $44 per share less a brokerage commission of $70. Dec. 31 At the end of the accounting period, the fair value of the remaining 3,900 shares of Delew Company’s stock was $48.52 per share.