Dd4. Meat Wad Inc., who is 100% owned by Frylock Inc., reports the following income and dividend results for 202X:Net Income; 1st Quarter (3/31)Dividend Declared (5/16)Net Income; 3rd Quarter (9/30)Dividend Declared (12/20)Net Income; 4th Quarter (12/31)Net Income; 2nd Quarter (6/30)AccountA) Record the 202X journal entries made by Frylock to account for the income / dividends of Meat Wad using the Cost Method ofaccounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount is entered,the cell will change color:Date5/16/202X Dividends ReceivableInvestment Income12/20/202X Dividends ReceivableInvestment IncomeDate3/31/202X Investment in Meat WadAccountInvestment IncomeB) Record the 202X journal entries made by Frylock to account for the income/dividends of Meat Wad using the Simple Equity Methodof accounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount isentered, the cell will change color:5/16/202X Dividends ReceivableInvestment in Meat Wad6/30/202X Investment in Meat WadInvestment Income9/30/202X Investment in Meat WadInvestment Income12/20/202X Dividends ReceivableInvestment in Meat Wad$75,000$20,000$40,00012/31/202X Investment in Meat WadInvestment IncomeDebit$50,000$25,000$75,000DebitIIII.CreditCredit[]

Simple Equity Method : When the investor has significant influence(holds owner's stake 25% or more )…

A) Record the 202X journal entries made by Frylock to account for the income/ dividends of Meat Wad using the Cost Method of accounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount is entered, the cell will change color: Date 5/16/202X Dividends Receivable Account Investment Income 12/20/202X Dividends Receivable Investment Income Date Account 3/31/202X Investment in Meat Wad B) Record the 202X journal entries made by Frylock to account for the income/ dividends of Meat Wad using the Simple Equity Method of accounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount is entered, the cell will change color: Investment Income 5/16/202X Dividends Receivable Debit Investment in Meat Wad Credit Debit Credit

A) Record the 202X journal entries made by Frylock to account for the income/ dividends of Meat Wad using the Cost Method of accounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount is entered, the cell will change color: Date 5/16/202X Dividends Receivable Account Investment Income 12/20/202X Dividends Receivable Investment Income Date Account 3/31/202X Investment in Meat Wad B) Record the 202X journal entries made by Frylock to account for the income/ dividends of Meat Wad using the Simple Equity Method of accounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount is entered, the cell will change color: Investment Income 5/16/202X Dividends Receivable Debit Investment in Meat Wad Credit Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

Dd4.

Meat Wad Inc., who is 100% owned by Frylock Inc., reports the following income and dividend results for 202X:
Net Income; 1st Quarter (3/31)
Dividend Declared (5/16)
Net Income; 3rd Quarter (9/30)
Dividend Declared (12/20)
Net Income; 4th Quarter (12/31)
Net Income; 2nd Quarter (6/30)
Account
A) Record the 202X journal entries made by Frylock to account for the income / dividends of Meat Wad using the Cost Method of
accounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount is entered,
the cell will change color:
Date
5/16/202X Dividends Receivable
Investment Income
12/20/202X Dividends Receivable
Investment Income
Date
3/31/202X Investment in Meat Wad
Account
Investment Income
B) Record the 202X journal entries made by Frylock to account for the income/dividends of Meat Wad using the Simple Equity Method
of accounting for the income of a subsidiary by entering the proper amounts in the gray-shaded cells. When the correct amount is
entered, the cell will change color:
5/16/202X Dividends Receivable
Investment in Meat Wad
6/30/202X Investment in Meat Wad
Investment Income
9/30/202X Investment in Meat Wad
Investment Income
12/20/202X Dividends Receivable
Investment in Meat Wad
$75,000
$20,000
$40,000
12/31/202X Investment in Meat Wad
Investment Income
Debit
$50,000
$25,000
$75,000
Debit
IIII.
Credit
Credit
[]

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