Shares of common stock of long corporation

Reference no: EM13144330

Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions: Assuming this purchase represents a 25% interest, prepare all the journal entries required for the year

Reference no: EM13144330

Questions Cloud

Compute rate constant : Calculate rate constant for 1. level reaction where 81% of the matters have already react after 27 seconds.

Explain to your client the significance of the income : As a CPA, explain to your client the significance of the income and principal categorization scheme used for fiduciary accounting purposes. Also, use this thread to discuss the current events on the Bush Tax Cut expiration, the alternatives and ..

Implied annual interest rate inherent in credit terms : Farewell company purchased merchandise with an invoice price of $2000 and credit terms of 2/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?

Illustrate the entire audit process with a short example : Illustrate the entire audit process with a short example of each phase. Determine which phase of the audit process you feel is the most important. Defend your selection.

Shares of common stock of long corporation : Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions:

What is the difference between volume-based cost drivers : What is the difference between volume-based cost drivers and activity-based cost drivers? Why do activity-based cost drivers provide more accurate allocations of overhead in an automated manufacturing environment? Briefly describe the activity-ba..

What is the net amount of property-plant and equipment : What is the net amount of property, plant, and equipment that will appear on the balance sheet?

How much could normal sales drop before all profit : Compute the effect on income if Cornish accepts the special order. If Cornish accepts the special order, how much could normal sales drop before all of the differential profits disappear?

At what price would gorga be indifferent to roseland offer : By how much would Gorga's profits change if 15,000 of part QT34 are purchased from Roseland? At what price would Gorga be indifferent to Roseland's offer?

User Account

All Pages