User Account

All Pages

Prepare the journal entries for Cullumber Inc

Assignment Help Accounting Basics
Reference no: EM132838989

Problem - Stellar Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date.

Investment Securities

Cost

Fair Value

Horton, Inc. common (5,180 shares)

$217,560

$204,010

Monty, Inc. preferred (3,200 shares)

115,200

121,760

Oakwood Corp. common (930 shares)

171,120

170,150

On October 10, 2020, the Horton shares were sold at a price of $51 per share. In addition, 3,150 shares of Patriot common stock were acquired at $53 per share on November 2, 2020. The December 31, 2020, fair values were Monty $87,420, Patriot $136,340, and Oakwood $183,240.

Required -

1. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2020.

2. Prepare the journal entries for Cullumber Inc. for 2020 and 2021, assuming that Cullumber can exercise significant influence over Kulikowski.

Reference no: EM132838989

Questions Cloud

What do you think san diego county : What do you think San Diego County is doing right in attracting new business and what can San Diego County
What are the limitations of bibf licenses : What were RBC's ultimate goals in opening a representative office in Thailand? What are the limitations of BIBF licenses?
Why potentially false story about a woman poet gain currency : Why would this kind of potentially false story about a woman poet gain currency and be preserved for years to come
What amount will Sarasota record as the value : If the value of the lease liability is $45,460, what amount will Sarasota record as the value of the right-of-use asset on January 1, 2020, at commencement
Prepare the journal entries for Cullumber Inc : Prepare the journal entries for Cullumber Inc. for 2020 and 2021, assuming that Cullumber can exercise significant influence over Kulikowski
Discuss whether the entries suggested by Li Chen are correct : Discuss whether the entries suggested by Li Chen are correct, explaining on a line-by-line basis the correct adjustment entry
Global e-business management indigo : 1) Outline the reasons why Indigo might want to use more than one marketing channel.
Developing improved segmentation schemes : What are the uses of ethnographic research in developing improved segmentation schemes and how these segmented market delineations offer a more
Components of a reformed complex adaptive system : The reformed complex adaptive systems perspective asserts that in order to bend the health care cost curve in a significant, sustainable way, the U.S. health ca

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare Sheffield journal entry to record dividends received

Sheffield Corporation purchased 1,250 common shares of Nolan Inc. common stock for $15,000. Prepare Sheffield journal entry to record dividends received

  Determine the amount of factory overhead

During March, 4,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied

  How much money will be left in the account

How much money will be left in the account after his withdrawal at the end of December 2019 (there were a total of 24 withdrawals)

  What cost of goods sold using the lifo cost flow assumption

Sales during the month totaled 180 units for €4,350 each. What is the cost of goods sold using the LIFO cost flow assumption?

  A all employees are subject to a rate of 8 fica tax 25

a. all employees are subject to a rate of 8 fica tax 25 federal income tax and union dues of 20 per week. federal

  What is mcdaniel price or earnings ratio

On December 31, 2106, the market price of McDaniel's common stock is $48 per share, What is McDaniel's price/earnings ratio

  Explain the impact of this switch to robotics on rondell

Breakeven analysis isn’t very useful to a company because companies need to do more than break even to survive in the long run.” Explain why you agree or disagree with this statement.

  Calculate the net benefit of outsourcing the bookkeeping

North Falls Physician's Service Center has offered to take over all of Dr. Rahavy's billings. Calculate the net benefit (cost) of outsourcing the bookkeeping

  What is the per-unit value of ending inventory on August

Jammer Company uses a weighted average perpetual inventory system and reports the following: What is the per-unit value of ending inventory on August

  Compute the amount of each of the four equal total payments

On January 1, 2015, Eagle borrows $17,000 cash by signing a four-year, 6% installment note. Compute the amount of each of the four equal total payments

  What amount should trudata report as patented technology

On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)?

  Prepare the stockholders equity section of the balance sheet

Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, Prepare the stockholders' equity section of the balance sheet

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