Marigold Corporation purchased 420 shares of Nolan Inc. common stock for $14,200 (Marigold does not have significant influence). During the year, Nolan paid a cash dividend of $3.25 per share. At year-end, Nolan stock was selling for $35.00 per share. (a) Prepare Marigold's journal entry to record the purchase of the investment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Q: One year ago Ryan made a capital contribution of a pretzel maker having a $2.000 adjusted basis and…
A: It is the change in material amount of the assets or securities recorded at their initial cost. The…
Q: Shawn's Tutoring adjusted trial balance follows. SHAWN'S TUTORING Adjusted Trial Balance December…
A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…
Q: Jobs, Inc. has recently started the manufacture of Tri-Robo, a three-wheeled robot that can scan a…
A: This question is related to the Make and Buy Decision, in which the cost manager compares the making…
Q: Sell or Process Further Jensen Manufacturing Company makes a partially completed assembly unit that…
A: Entity-making differential analyses are required to know what costs are relevant and what are…
Q: Presented below is information related to plant assets and intangible assets at year end on December…
A: Balance sheet is a financial statement that shows list of final ending balances of assets,…
Q: Required information [The following information applies to the questions displayed below. Raner,…
A: The break-even sales are the sales where business earns no profit or loss during the period. The…
Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…
A: On Date 22 OctoberNumber of units (A)Per Unit (B)Total (A X B)Beginning Inventory180 $ 15.00 $…
Q: Assume that none of the fixed overhead can be avoided. However, if the robots are purchased from…
A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which…
Q: When a government orders equipment which is to be used by an activity accounted within the General…
A: Encumbrance:Correct: When a government orders equipment which is to be used by an activity accounted…
Q: Mussatto Corporation produces snowboards. The following per
A: The target selling price is the price at which a product or service is intended to be sold in order…
Q: A company, which uses standard costing, manufactures a single product with the following cost card:…
A: The variance is the difference between the standard and actual production cost data. The variance…
Q: et value of $15 per pound, 200 pounds of body lotion with a market value of $13 per pound, and 300…
A: Joint cost allocation is required to establish the cost of each product or by-product, which is…
Q: Which of the following is true regarding the use of Special Revenue Funds? Multiple Choice…
A: Special Revenue Funds are a specific category of governmental funds used in accounting and financial…
Q: Yasmine Company shows the following data for the month of May: Raw materials inventory May 1 = 0 Raw…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: At the beginning of July, CD City has a balance in inventory of $2,750. The following transactions…
A: Using a perpetual inventory system, the cost of goods sold is recorded as and when sales…
Q: Ida Sidha Karya Company is a family-owned company located in the village of Glanyar on the island of…
A: ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…
Q: The Production Department of Hruska Corporation has submitted the following forecast of units to be…
A: The budget is prepared to estimate the requirements for the future period. The direct labor cost…
Q: Afton has a goal of "saving $5,000 for a vacation in 3 years." Afton's goal lacks Multiple Choice O…
A: Saving means the amount saved in day to day so as to make a big amount for future. For calculating…
Q: The PDQ Company makes collections on credit sales according to the following schedule: 10% in month…
A: A cash budget plan is a spending plan or plan of expected money receipts and payment during the time…
Q: Required information. [The following information applies to the questions displayed below.] Matt and…
A: Tax liability refers to the legal obligation of an individual, business, or entity to pay a part of…
Q: 1. Which approach to pricing should Root Builders emphasize? Why? 2. Will Root Builders be able…
A: Pricing strategy refers to the approach a business uses to determine the prices of its products or…
Q: Strand Company is planning to sell 400 buckets and produce 380 buckets during March. Each bucket…
A: TOTAL COSTTotal Cost is the cost incurred to manufacturing a product.Total Cost Includes Cost of Raw…
Q: Multiple Choice Question 52 Vaughn Manufacturing has a new product going on the market next year.…
A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is one of the Important Cost…
Q: Bramble Inc. had beginning inventory of $11,395 at cost and $21,500 at retail. Net purchases were…
A: Inventory is accounted for using the LIFO approach. The most recent inventory expenses will be…
Q: Cecilia Company reported net income of $1,250,000. The average total liabilities were $4,302,500 and…
A: Return on assets is calculated by dividing operating income after tax by average total assets. The…
Q: A portion of the raw materials inventory was misclassified as finished goods on the balance sheet.…
A: In the auditing process, assertions are claims that determine if financial statements are genuine…
Q: DD P14-6 (Issuance of Bonds between Interest Dates, Straight-Line, Retirement Presented below are D…
A: A bond may be issued between interest dates. Such bond issue price includes the accrued interest…
Q: Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of…
A: ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…
Q: Pharoah Company has recorded the following items in its financial records. Cash in bank: Checking…
A: CASH AND CASH EQUIVALENTSCash and cash equivalents refers to the line items in the balance sheet…
Q: Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from…
A: Standard Costing:-It is a technique of Cost Reduction and Cost Control.It helps to provide valuable…
Q: ***J Accounts Payable Salaries and Wages Payable. 744 154 750 675 975 1,150 Net Income Adjustments…
A: CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…
Q: Hilton Stenback Sunglasses sell for about $152 per pair. Suppose the company incurs the following…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic…
A: A budget is a written record of an organization's future revenue, cost, and expenses. It gives an…
Q: Use the information in each of the following separate cases to calculate the unknown amount. a.…
A: Accounts Receivable is a ledger that represents those customers to whom the company has made sales…
Q: Vaughn Company's record of transactions concerning part X for the month of April was as follow Sales…
A: As shown in the question posted by you the answers for FIFO and LIFO are right. So, I am solving…
Q: Cullumber Inc. had a bad year in 2024. For the first time in its history, it operated at a loss. The…
A: Break-even point (BEP) can be referred to as that point of sales where the entity is able to recover…
Q: Exercise 9-9 (Static) Planning Budget [LO9-1] Lavage Rapide is a Canadian company that owns and…
A: The planning budget is the fixed budget. It can not be changed with change in the production level.…
Q: determined using the percent of revenue method. c. Prepare an income statement, balance sheet, and…
A: As per double entry system of accounting, for every transaction atleast one account should be…
Q: 40 2 Gale Company has the following inventory and purchases during the fiscal year ended December…
A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method.…
Q: The Production Department of Hruska Corporation has submitted the following forecast of units to be…
A: The budget is prepared to estimate the requirements for the future period. The direct labor Budget…
Q: 31, 2021, showed $130,000 in the common stock account and $2.34 million in the additional paid- in…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Gage Company reports the following information for the current year. All beginning inventory amounts…
A: Variable costing is an accounting method that considers only the variable manufacturing costs as…
Q: CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31,…
A: The stockholders' equity comprises issued capital and retained earnings of the business. The net…
Q: Hiram's Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the…
A: Under activity-based costing method, the cost is allocated to each activity based on its…
Q: Trey Inc sells used machinery to Buyer Ltd. Buyer takes possession of the truck on October 1, 20X0…
A: Zero Interest bearing loan should be recognized at fair Value. Fair value is determined by…
Q: During the year, a company issues common stock for $100.000 and repays previously borrowed amounts…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: The liabilities of Carla Vista Company are $91,600 and the stockholders' equity is $249,000. What is…
A: Accounting equation is a mathematical equation that shows relationship between assets, liabilities…
Q: The City of St. John operates an investment trust fund for neighboring governments, including St.…
A: It is the total amount accumulated or deficit incurred from operating surpluses from the beginning…
Q: McAllister, Inc., employs a normal costing system. The following information pertains to the year…
A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…
Q: During 2022, Sunland Corp. produced 37,200 units and sold 37,200 for $16.00 per unit. Variable…
A: Income statement is the financial statement that records all the income and expenses of the business…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Concord Co. purchased 1,150 shares of Sugarland Company for $18 each this year and classified the investment as a trading security. Concord sold 270 shares of the stock for $21 each. At year end the price per share of the Sugarland Company had increased to $22.Prepare the journal entries for these transactions and any year-end adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.) enter an account title to record the sale enter a debit amount enter a credit amount enter an account title to record the sale enter a debit amount enter a credit…Blue Spruce Corporation purchased 300 common shares of Burke Inc. for $22,830 and accounted for them using FV-OCI. During the year, Burke paid a cash dividend of $3.45 per share. At year end, Burke shares had a fair value of $72.50 per share. (a) Prepare Blue Spruce's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit CreditCarla, Inc. purchased 1,810 shares of Oneida Corporation common stock for $84,600. During the year. Oneida paid a cash dividend of $1.10 per share. At year-end, Oneida stock was selling for $43.90 per share. Prepare Carla's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) Account Titles and Explanation Debit Credit
- Concord Corporation purchased for $288,000 a 25% interest in Murphy, Inc. This investment enables Concord to exert significant influence over Murphy. During the year, Murphy earned net income of $173,000 and paid dividends of $54,000. Prepare Concord's journal entries related to this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record the purchase.) (To record the net income.) (To record the dividend.)Shamrock Co. had purchased 230 shares of Washington Co. for $37 each this year (Oregon Co. does not have significant influence). Shamrock Co. sold 100 shares of Washington Co. stock for $41 each. At year-end, the price per share of the Washington Co. stock had dropped to $31. Prepare the journal entries for these transactions and any year-end adjustments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3.On January 1, 2025, Vaughn Corporation purchased 20% of the common shares of Bramble Company for $196,000. During the year, Bramble earned net income of $77,000 and paid dividends of $19,250. Prepare the entries for Vaughn to record the purchase and any additional entries related to this investment in Bramble Company in 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
- Concord Corporation purchased for $285,000 a 25% interest in Murphy, Inc. This investment enables Concord to exert significant influence over Murphy. During the year, Murphy earned net income of $185,000 and paid dividends of $54,000.Prepare Concord’s journal entries related to this investment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.) enter an account title to record the net income enter a debit amount enter a credit amount enter an account title to record the net income enter a debit amount enter a credit amount (To record the net income.)…Flounder Corporation purchased for $325,000 a 25% interest in Murphy, Inc. This investment enables Flounder to exert significant influence over Murphy. During the year, Murphy earned net income of $183,000 and paid dividends of $66,000. Prepare Flounder's journal entries related to this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Investment Income Cash (To record the purchase.) Investment Income Equity Investments (To record the net income.) Cash Investment Income (To record the dividend.) Debit 325000 812500 Credit 100 00 325000 812500On January 1, 2020, Ayayai Corporation purchased 20% of the common shares of Pina Company for $191,000. During the year, Pina earned net income of $71,000 and paid dividends of $17,750. Prepare the entries for Ayayai to record the purchase and any additional entries related to this investment in Pina Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record purchase of stock.) (To record receipt of dividends.) (To record revenue.)
- Sandhill Corporation purchased for $288,000 a 25% interest in Murphy, Inc. This investment enables Sandhill to exert significant influence over Murphy. During the year, Murphy earned net income of $173,000 and paid dividends of $54,000. Prepare Sandhill's journal entries related to this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Cheyenne Corporation purchased for $327,000 a 25% interest in Murphy, Inc. This investment enables Cheyenne to exert significant influence over Murphy. During the year, Murphy earned net income of $185,000 and paid dividends of $62,000. Prepare Cheyenne's journal entries related to this investment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record the purchase.) (To record the net income.) (To record the dividend.) LOn August 1, Sandhill Holdings buys 1.000 ordinary shares of Merlynn for €35,500 cash. On December 1, Sandhill sells the share investments for €39,800 in cash. Journalize the purchase and sale of the ordinary shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Debit Credit