Entries related to armstrong''s net income and dividends

Assignment Help Accounting Basics

Reference no: EM13666158

Simmons Corporation owns stock of Armstrong, Inc. Prior to 2014, the investment was accounted for using the equity method. In early 2014, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2014, Armstrong earned net income of $80,000 and paid dividends of $95,000.

Prepare Simmons's entries related to Armstrong's net income and dividends, assuming Simmons now owns 10% of Armstrong's stock.

Reference no: EM13666158

Questions Cloud

What would be the band gap voltage : What would be the band gap voltage needed for a material to fabricate an LED that can emit blue light - Design a system for measurements of snoring sounds in heavy snorers using a piezoelectric crystal.

What is fica for daniels and kingston : What is FICA for Daniels and Kingston?

Prepare the journal entry to record the issuance : Prepare the journal entry to record the issuance.

Research report on information system security : Research Report on Information system security - Become more knowledgeable about finding and using varied research sources in your chosen area in IT.

Entries related to armstrong''s net income and dividends : Prepare Simmons's entries related to Armstrong's net income and dividends, assuming Simmons now owns 10% of Armstrong's stock.

Which accounts are effected : Which accounts are effected?

Accounting for uncollectible accounts : Accounting for uncollectible accounts (aging-of-receivables method), credit card sales, notes receivable, and accrued interest revenue

What is the company''s accumulated benefit obligation : What is the company's accumulated benefit obligation at the end of 2013 with respect to Davenport?

Give the entries to record the receipt of the subscription : Give the entries to record the receipt of the subscription fees and to adjust the accounts

Reviews

Write a Review

Required(*) Message

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages