Reference no: EM132872341
Question - Below are two independent investment situations in corporations: La Perla Cosmetics, Inc. purchased 10% of Nevins Fashion's 200,000 common shares at a total cost of US $ 13 per share on March 18, 2017. On June 30, Nevins Fashion declared and paid a dividend of US $ 60,000. On December 31st, Nevins Fashion reported a net income of US $ 122,000 for the current year. As of December 31, the market price of Nevins Fashion was US15 per share. The stock is classified as available for sale.
Kanza, Inc., gained significant influence over Rogan Corporation by purchasing 40% of the 30,000 outstanding common shares of Rogan Corporation at a total cost of US $ 9 per share on January 1, 2017. On June 15, Rogan Corporation Declare and pay a cash dividend of $ 30,000. As of December 31, Rogan Corporation reported a net income of US $ 80,000 for the current year.
Required - Do all applicable records required for the year 2017 for (a) La Perla Cosmetics, Inc. and (b) Kanza, Inc.
|
Determine the basic earnings per share
: The net income for 2021 was $609000 and the income tax rate was 30%. Determine the Basic earnings per share for 2021
|
|
Determine the total number of budgeted direct labor hours
: Each desk lamp requires 3 hours of direct labor determine the total number of budgeted direct labor hours for the year
|
|
Show necessary journal entries to record the investment
: Jim was to invest $40,000 in cash and $30,000 worth of equipment. Show necessary journal entries to record the investment of the partners
|
|
Prepare the cash budget
: Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $561,000. Prepare the cash budget
|
|
Do all applicable records required for the year
: Do all applicable records required for the year 2017 for (a) La Perla Cosmetics, Inc. and (b) Kanza, Inc
|
|
Determine the Dell cost of goods sold
: The following information is available from Dell Company's 2005 accounting records: Purchases P5,300,000. Determine the Dell cost of goods sold
|
|
Do address issue with crystal social studies teacher
: You are a teacher in a small rural community. As a teacher, what do you say to Crystal? Do you address this issue with Crystal's social studies teacher?
|
|
Prepare the entry required for the transactions
: Prepare the entry required for the following transactions occurred in October 2019: Oct 5 Sold 100 pairs of snow shoes on cash
|
|
What kinds of celestial bodies are included
: Are mining of materials on celestial bodies permitted for fabricating fuels, etc., for further space exploration without compensation to the global community?
|