Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year: Feb. 2 Purchased for cash 1,550 shares of Wong Inc. stock for $37 per share plus a $775 brokerage commission. Mar. 16 Received dividends of $0.30 per share on Wong Inc. stock. June 7 Purchased 900 shares of Wong Inc. stock for $45 per share plus a $450 brokerage commission. July 26 Sold 1,800 shares of Wong Inc. stock for $49 per share less a $900 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 2 Mar. 16 June 7 July 26

Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year: Feb. 2 Purchased for cash 1,550 shares of Wong Inc. stock for $37 per share plus a $775 brokerage commission. Mar. 16 Received dividends of $0.30 per share on Wong Inc. stock. June 7 Purchased 900 shares of Wong Inc. stock for $45 per share plus a $450 brokerage commission. July 26 Sold 1,800 shares of Wong Inc. stock for $49 per share less a $900 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 2 Mar. 16 June 7 July 26

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

Equity Method for Stock Investment On January 4, Year 1, Ferguson Company purchased 140,000 shares of Silva Company directly from one of the founders for a price of $39 per share. Silva has 400,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $406,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $1,259,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva. cash/cash dividends/dividend revenue/income of silva company/investment in silva company stock/notes receivable/ a. Provide the Ferguson Company journal entries for the transactions involving its investment in Silva Company during Year 1. Year 1, Jan. 4 fill in the blank 702aed00a020001_2 fill in the blank 702aed00a020001_4 Year 1, July 2 fill in the blank 702aed00a020001_6 fill in the blank 702aed00a020001_8 Year 1, Dec. 31 fill in the blank 702aed00a020001_10…
Equity Method for Stock Investment On January 4, Year 1, Ferguson Company purchased 84,000 shares of Silva Company directly from one of the founders for a price of $51 per share. Silva has 300,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $227,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $755,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva. a. Provide the Ferguson Company journal entries for the transactions involving its investment in Silva Company during Year 1.
Equity method journal entries (price equals book value) Prepare journal entries for the transactions below relating to an Equity Investment accounted for using the equity method. a. An investor purchases 14,400 common shares of an investee at $16 per share; the shares represent 25% ownership in the investee and the investor concludes that it can exert significant influence over the investee. b. The investee reports net income of $172,800. c. The investor receives a cash dividend of $1.50 per common share from the investee. d. The investor sells all 14,400 common shares of the investee for $260,280. General Journal Ref. Description Debit Credit a. b. C. d. Equity investment
Equity Method for Stock Investment On January 4, Year 1, Ferguson Company purchased 64,000 shares of Silva Company directly from one of the founders for a price of $54 per share. Silva has 200,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $157,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $575,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva. a. Provide the Ferguson Company journal entries for the transactions involving its investment in Silva Company during Year 1. Year 1, Jan. 4 Year 1, July 2 Year 1, Dec. 31 b. Determine the December 31, Year 1, balance of Investment in Silva Company Stock.
Identifying and Analyzing Financial Statement Effects of Stock TransactionsMelo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions.(a) Mar. 2 Issued 7,000 shares of $1 par value common stock at $30 cash per share.(b) Apr. 14 Issued 10,500 shares of $100 par value, 8% preferred stock at $250 cash per share.(c) June. 30 Purchased 2,100 shares of its own common stock at $22 cash per share.(d) Sep. 25 Sold 1,050 shares of its treasury stock at $26 cash per share.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.
Instructions Chart of Accounts Journal Instructions Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. Feb. Mar. June July 2 Purchased for cash 5,200 shares of Wong Inc. stock for $19 per share plus a $120 brokerage commission. Received dividends of $0.25 per share on Wong Inc. stock. Purchased 2,000 shares of Wong Inc. stock for $25 per share plus a $115 brokerage commission. Sold 6,200 shares of Wong Inc. stock for $38 per share less a $105 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Received dividends of $0.50 per share on Wong Inc. stock. 6 7 26 Sept. 25 Check My Work 3 more Check My Work uses remaining I All work saved. DELL
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 400 shares of Tett Co. stock for $157 per share plus a $124 brokerage commission. May 16 Acquired 1,600 shares of Issacson Co. stock for $35 per share plus a $160 commission. July 14 Sold 200 shares of Tett Co. stock for $174 per share less a $113 brokerage commission. Aug. 12 Sold 600 shares of Issacson Co. stock for $28 per share less a $87 brokerage commission. Oct. 31 Received dividends of $0.42 per share on Tett Co. stock. Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 24 May 16 July 14 Aug. 12
Need some assitance solving
The shareholders' equity accounts of Crane Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $5 cumulative preferred shares (18,000 issued) Common shares (460,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: 2020 June 1 July 1 Sept. 30 2021 Jan Mar. 31 31 $1,440,000 4,600,000 1,600,000 $7,640,000 Reacquired 12.000 common shares for $11 per share. Issued 51,000 common shares for $12 per share. Reacquired 8,000 common shares for $11.50 per share. Issued 54,000 common shares in exchange for land. The land's fair value was $648,000. Profit for the year ended March 31, 2021, was $1,025,000.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On January 23, 15,000 shares of Aurora Company’s common stock are acquired at a price of $25 per share plus a $140 brokerage commission. On April 12, a $0.35-per-share dividend was received on the Aurora Company stock. On June 10, 5,200 shares of the Aurora Company stock were sold for $31 per share less a $115 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 9,800 shares of Aurora Company’s stock was $30 per share. Aurora Company has 190,000 shares of common stock outstanding. Required: Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for…
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 2,000 shares of Tett Co. stock for $80 per share plus a $200 brokerage commission. May 16 Acquired 2,000 shares of Issacson Co. stock for $40 per share plus a $100 commission. July 14 Sold 500 shares of Tett Co. stock for $100 per share less a $50 brokerage commission. Aug. 12 Sold 1,000 shares of Issacson Co. stock for $34 per share less an $80 brokerage commission. Oct. 31 Received dividends of $0.30 per share on Tett Co. stock. Journalize the entries for these transactions under the fair value method. If an amount box does not require an entry, leave it blank. Feb. 24 Investments-Tett Co. Stock fill in the blank 2 fill in the blank 3 Cash fill in the blank 5 fill in the blank 6 May 16 Investments-Issacson Co. Stock fill…
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 500 shares of Tett Co.'s stock for $163 per share plus a $145 brokerage commission. May 16 Acquired 1,200 shares of Issacson Co.'s stock for $45 per share plus a $192 commission. July 14 Sold 200 shares of Tett Co. stock for $181 per share less a $118 brokerage commission. Aug. 12 Sold 400 shares of Issacson Co. stock for $36 per share less a $112 brokerage commission. Oct. 31 Received dividends of $0.42 per share on Tett Co. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 300 shares of Tett Co.'s stock was $163.49 per share. The fair value of the remaining 800 shares of Isaacson Co.'s stock was equal to its cost of $45.16 per share. Journalize the entries for these transactions. In your…