User Account

All Pages

Journalize the entry for the receipt of dividends

Assignment Help Accounting Basics
Reference no: EM132772241

Question - Entries for Equity Investments: Less than 20% Ownership - On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock of Jupiter Co. at $25 plus commission charges of $680. On June 1, a cash dividend of $1.70 per share was received. On November 12, 7,000 shares were sold at $31 less commission charges of $100. At the end of the accounting period on December 31, the fair value of the remaining 27,000 shares of Jupiter Company's stock was $25.52 per share.

Required -

a. Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank.

b. Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank.

c. Using the cost method, journalize the entry for the sale of 7,000 shares. If an amount box does not require an entry, leave it blank.

d. Using the cost method, journalize the entry for the change in fair value. If an amount box does not require an entry, leave it blank.

Reference no: EM132772241

Questions Cloud

Prepare financial statements for the business for the month : Prepare financial statements for the business for the month of January 2003. On January 3, 2003, Alemu Haba, an ex-manager of the CBE Finfine Branch
Discuss the wireless spectrum : Discuss the wireless spectrum and how it relates to a wireless network. How might that difference affect data security over a Wi-Fi network?
What is the rationale presented for the change : Consider an organizational change that you are familiar with. Provide an evaluation of the change initiative, and then respond to the following questions.
Discuss what power in context of leadership : Discuss what power in the context of leadership is and how it relates to bullying within organizations. Also note how this impacts productivity.
Journalize the entry for the receipt of dividends : Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank
Why audit work should not be assigned solely : List and discuss the reasons why audit work should not be assigned solely according to asset, liability, and income and expense categories.
Construct a scatter diagram for the data about productivity : Construct a scatter diagram for the data about productivity and absenteeism then interpret the possible relationship that can be found
Influences the implementation of innovative technologies : This journal article focuses on attribution theory and how it influences the implementation of innovative technologies
Make the journal entry to record the issuance of the bonds : The bonds pay annual interest on January 1. Make the journal entry to record the issuance of the bonds on January 1, 2020

Reviews

Write a Review

Accounting Basics Questions & Answers

  The rate of return on common stockholders equity

Tanfield is in a better position to pay debt in 2015 than in 2014. The current ratio, cash ratio, and times-interest-earned ratio all improved. The inventory turnover improved, but was offset by a decrease in the gross profit percentage.

  Source of constraint for manufacturing company

A machine has been identified as a bottleneck and the source of the constraint for a manufacturing company that has multiple products and multiple machines. Dicsuss ways the company can overcome the bottleneck.

  Which is the basic function within the scope of ais

Which is the basic function within the scope of AIS? To collect and store data about the organization's business activities and transactions efficiently

  Determine the amounts to be recorded as depreciation expense

Determine the amounts to be recorded as depreciation expense for 2021 and the journal entry to record depreciation expense

  Examine what is cost of equity

Assuming that the company has a target capital structure of 80 percent equity and 20 percent debt, what is its cost of equity? Ignore taxes.

  Compute the depreciation expense under the following

valley corporation purchased a new piece of equipment on june 1 2011. the cost of this machine was 325000. the company

  Difference between the two empirical distributions

State an appropriate null hypothesis and the alternative hypothesis and carry out a chi-squared goodness- of-?t test of the empirical distribution of the data for Period I versus that of Period II. State your conclusions clearly.

  Dekin company had checks outstanding totaling 6400 on its

dekin company had checks outstanding totaling 6.400 on its may bank reconciliation. in june dekin company issued checks

  Summary of how the student''s cultural competency has changed

summary of how the student's cultural competency has changed

  Prepare the journal entry to record the sale

Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $125,000. Prepare the journal entry to record the sale

  Prepare the journal entry to record issuance of shares

Common stock has market value of $20 per share, and preferred stock has a market value of $90 per share. Prepare the journal entry to record issuance of shares

  Issuance of the bond

AB company issued a 10 year, 4%, $2,000,000 redeemable bond issue paying interest twice a year on December 31 and June at an effective rate of 3.6% on June 30, 2014. On September 30, 2019, AB redeemed forty percent of the bond issue at 101.

Free Assignment Quote

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

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd