Trading security, Accounting Basics

Assignment Help:

Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per share cash dividends on March 15, June 15, September 15, and December 15, 2008. Nickels reported net income of $337,500 for the year. At December 31, 2008, the market price of Nickels common stock was $26 / share.

First part:

Organize the journal entries for Glaser Services for 2008 assuming Glaser cannot use significant influence over Nickels. (Use the cost method and assume that Nickels common stock should be classified as a trading security.

Second part:

Organize the journal entries for Glaser Services for 2008, assuming Glaser can exercise significant influence over Nickels. Use the equity method.

 


Related Discussions:- Trading security

Hello, Hello, I'm having trouble understanding Direct Cost, Overhead Cost a...

Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac

What is public accounting, Q. What is Public accounting? Public account...

Q. What is Public accounting? Public accounting firms offer professional accounting and related services for a fee to organizations, other companies, and individuals. An accoun

Explain interest revenue, Q. Explain Interest revenue? Interest revenue...

Q. Explain Interest revenue? Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accoun

Explain the costs terms, Question 1: Briefly explain the following cost...

Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.

Help., How would I do this make it and adjustment account revenue 300.00 of...

How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280

Final accounts, stpes to be taken prepaing for final accounts

stpes to be taken prepaing for final accounts

What is timeliness, Q. What is Timeliness? The Timeliness requires acco...

Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat

Net Cash, The net cash provided by operating activities is affected by

The net cash provided by operating activities is affected by

Write Your Message!

Captcha
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!

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