Heath cosmetics acquired 15 of the 200000 shares of common

Assignment Help Accounting Basics

Reference no: EM13597647

Heath Cosmetics acquired 15% of the 200,000 shares of common stock of Van Fashion at a total cost of $13 per share on March 18, 2008. On June 30, Van declared and paid a $60,000 dividend. On December 31, Van reported net income of $122,000 for the year. At December 31, the market price of Van Fashion was $15 per share. The stock is classified as available-for-sale.

Yoder, Inc., obtained significant influence over Parks Corporation by buying 30% of Parks 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2008. On June 15, Parks declared and paid a cash dividend of $30,000. On December 31, Parks reported a net income of $80,000 for the year.

Instructions
Prepare all the necessary journal entries for 2008 for (a) Heath Cosmetics and (b) Yoder, Inc.

Reference no: EM13597647

Questions Cloud

During the month of april simpson co had cash receipts from : during the month of april simpson co. had cash receipts from customers of 170000. expenses totaled 156000 and accrual

Using the high-low method estimate the variable and fixed : speedy parcel service operates a fleet of delivery trucks in a large metropolitan area. a careful study by the companys

In 200 words or more please review a public companys : in 200 words or more please review a public companys financial statements at finance. yahoo.com. comment on each

The adams company a merchandising firm has budgeted its : the adams company a merchandising firm has budgeted its activity for november according to the following

Heath cosmetics acquired 15 of the 200000 shares of common : heath cosmetics acquired 15 of the 200000 shares of common stock of van fashion at a total cost of 13 per share on

The adjusted trial balance data from the cameron white : the adjusted trial balance data from the cameron white company spreadsheet for the year end december 31. the balance of

Sussman industries purchased a drilling machine for 50000 : sussman industries purchased a drilling machine for 50000 and paid cash. sussman expects to use the machine for ten

Werber clinic uses client visits as its measure of activity : werber clinic uses client visits as its measure of activity. during january the clinic budgeted for 2700 client visits

Erca inc produces automobile bumpers overhead is applied on : erca inc. produces automobile bumpers. overhead is applied on the basis of machine hours required for cutting and

User Account

All Pages