Acme Company owns 35% of Superior Company. Superior Company declared and paid $44,000cash dividends for the year. Acme Company's journal entry to record the dividends includes a:Ocredit to the Investment account for $44.000.credit to Dividend Revenue for $15.400.credit to the Investment account for $15,400.credit to Dividend Revenue for $44,000.None of the above.C

If the investment is more than 20%, it is considered to be a significant share invested in the…

Acme Company owns 35% of Superior Company. Superior Company declared and paid $44.000 cash dividends for the year. Acme Company's journal entry to record the dividends includes a: credit to the Investment account for $44.000. credit to Dividend Revenue for $15,400. Ocredit to the Investment account for $15,400. credit to Dividend Revenue for $44,000. None of the above.

Acme Company owns 35% of Superior Company. Superior Company declared and paid $44.000 cash dividends for the year. Acme Company's journal entry to record the dividends includes a: credit to the Investment account for $44.000. credit to Dividend Revenue for $15,400. Ocredit to the Investment account for $15,400. credit to Dividend Revenue for $44,000. None of the above.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

prepare the journal entries to record the transactions on April 10 and Aug 7.
Dog River Company has an operating profit of $259.000 Interest expense for the year was $21.600 preferred dividends paid were $23,650; and common dividends paid were $58.800 The tax was $45.750 The Dog River Company has 40,000 shares of common stock outstanding a. Calculate the EPS and the common dividends per share for Dog River Company (Round the final answers to 2 decimal places.) b. What is the payout ratio? (Do not round intermediate calculations. Round the final answer to the nearest whole number.) c. What was the increase in retained earnings for the year? d. If Dog's share price is $63.00 what is its price-earnings ratio (P/E)? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Price earning ratio (times) $109,200 Payout ratio % Choose... Common dividends per share 1,47 ± 0.01 Choose... Increase in retained earnings Choose.... EPS A-alinland Fisheries Corp. anticipator post ÷
Ramiro Company purchased 40% of the outstanding stock of Marco Company on January 1. Marco reported net income of $88,000 and declared dividends of $21,900 during the year. How much would Ramiro adjust its investment in Marco Company under the equity method? of $fill in the blank 2
Mazaya Company provided the following financial information as of March 31, 2011. Revenue RO140,000, Retained earnings (1/4/10) R.O.79,00o, Equipment 40,000, Expenses 125,000, Cash 69,000, Dividends 10,000, Supplies 5,000, Accounts payable 20,000, Accounts receivable 15,00o, Share capital ordinary 25,000, Mazaya's equity on March 31, 2011 are.
need help with this question please
Berk Company engaged in the following investment transactions during the current year. April 1 July 1 Bought 40,000 of the 100,000 outstanding shares of Apex Company for $400,000. During the year, Apex Company reported net income of $30,000, and paid dividend of $10,000. Bought a $270 million bond with 8% interest rate. The market interest rate was 6% for bonds of similar risk and maturity. Berk paid $310 million for the bonds. The company will receive interest semiannually on June 30 and December 31. The fair value of the bonds at December 31 was $240 million. Dec 31 Required: 1. Beck has significance influence over Apex's management. On December 31, how much would Berk report as the value of its investment in Apex on the balance sheet? 2. Berk intends to actively trade the bond investment. a. Prepare the journal entries related to the bond on July 1 and on December 31. b. On December 31, how much would Berk report as the value of the bond on The balance sheet Please avoid…
On January 1, Bonneau Corp purchased 90,000 shares of Crossley, Inc stock for $50 each. Crossley has 300,000 shares outstanding. On October 1, Crossley pays a cash dividend of .75 per share. On December 31, Crossley reports net income of $650,000 Date JOURNAL Description PR DR Page CR
The following information has been taken from the ledger accounts of Compassion Company: Total net income since incorporation 3,500,000 Total cash dividends paid 350,000 Fair value of company's investment in Kindness company declared as property as property dividends 600,000 Proceeds from sale of donates shares 150,500 Total value of stock dividends distributed 420,000 Gains on treasury share transactions 375,000 Unamortized premium on bonds payable 413,200 Appropriated for contingencies 700,000 What is the current balance of unappropriated retained earnings?
Presented below is certain information pertaining to Edson Company. Assets, January 1 P240,000; Assets, December 31 230,000; Liabilities, January 1 150,000; Share capital, December 31 80,000; Retained earnings, December 31 31,000; Ordinary shares sold during the year 10,000; Dividends declared during the year 13,000; Compute the net income for the year. 24,000 11,000 37,000
1. SLM, Inc., with sales of $1,000, has the following balance sheet: SLM, Incorporated Balance Sheet as of 12/31/X0 Labilities and Equit Trade accounts payable Long-term debt Equity Assets Accounts receivable $ 200 Inventory 400 Plant 800 $1,400 $ 200 600 600 $1,400 It earns 10 percent on sales (after taxes) and pays no dividends. a. Determine the balance sheet entries for sales of $1,500 using the per- cent of sales method of forecasting. b. Will the firm need external financing to grow to sales of $1,500? e. Construct the new balance sheet and use newly issued long-term br to cover any financial deficiency, EXINC
The following information is taken from the records of Golden Harvest Corporation: 20 Collections from Sale of merchandise Sale of share capital Sale of investment property From issue of bonds payable From dividends on investments held P3,700,000 4,200,000 1,300,000 2,000,000 90,000 Cash payments for Purchase of furniture and fixtures Operating expenses Merchandise purchased Purchase of treasury shares Interest on notes payable Notes payable Dividends P3,400,000 1,505,000 2,580,000 100,000 120,000 1,000,000 500,000 Required: (a) How much is the net cash flow from operating activities ? (b) How mиch the net cash flow from investing activities? (c) How much is the net cash flow from financing activities? Assume a cash balance of P500,000 at the beginning of the year. How much is the cash balance at the end of the year? (d)
Rim Ltd purchased assets of 8,00,000 from Ant Ltd. It issued equity shares of 100 each full paid up in satisfaction of their claim. Make Journal entries to record these transactions.