Corporation. On May 31, 2019, he received a 50% stock dividend.On different dates as listed below, Mr. Bening purchased common stock of ABCTotalLotCost PerDateNo. ofCostNo.SharePurchasedSharesP40,000.001P100.00Oct. 15, 2018Jan. 15, 201940036,000.002120.0030028,000.0015,000.003.140.00Mar. 15, 2019200150.004Маy 15, 2019100Note: First-in first-out (FIFO) method assumes that the first stocks bought are the firstones sold.18. On June 30, 2019, Mr. Bening sold 1.400 shares at P100 per share. Using the first-in.first out method, the gain or (loss) of Mr. Bening isd. P21,000а. Р31,000b. (P26,600)c. P28,938

Total number of shares of stock dividend = (400+300+200+100) x 50% = 500 shares Cost of stock…

On different dates as listed below, Mr. Bening purchased common stock of ABC Corporation. On May 31, 2019, he received a 50% stock dividend. Total Lot Cost Per Date No. of Cost No. Share Purchased Shares P40,000.00 1 P100.00 Oct. 15, 2018 Jan. 15, 2019 Mar. 15, 2019 400 36,000.00 28,000.00 15,000.00 2 120.00 300 140.00 3 200 150.00 4 Маy 15, 2019 100 Note: First-in first-out (FIFO) method assumes that the first stocks bought are the firs ones sold. 18. On June 30, 2019, Mr. Bening sold 1,400 shares at P100 per share. Using the first-in first out method, the gain or (loss) of Mr. Bening is d. P21,000 а. Р31,000 b. (P26,600) c. P28,938

On different dates as listed below, Mr. Bening purchased common stock of ABC Corporation. On May 31, 2019, he received a 50% stock dividend. Total Lot Cost Per Date No. of Cost No. Share Purchased Shares P40,000.00 1 P100.00 Oct. 15, 2018 Jan. 15, 2019 Mar. 15, 2019 400 36,000.00 28,000.00 15,000.00 2 120.00 300 140.00 3 200 150.00 4 Маy 15, 2019 100 Note: First-in first-out (FIFO) method assumes that the first stocks bought are the firs ones sold. 18. On June 30, 2019, Mr. Bening sold 1,400 shares at P100 per share. Using the first-in first out method, the gain or (loss) of Mr. Bening is d. P21,000 а. Р31,000 b. (P26,600) c. P28,938

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

#13 YOO-YOO Company purchased 200 of the 1000 outstanding shares of WEBUL Company's common stock for $710000 on January 2, 2021. In 2021, WEBUL Company declared dividends of $155000 and reported earnings for the year of $510000.If YOO-YOO Company used the fair value method of accounting for its investment in WEBUL Company, its Equity Investments (WEBUL) account on December 31, 2021, should be $812000. $710000. $679000. $781000.
Current Attempt in Progress The following information is available for Marin Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) January 1, 2022 $17,600 eTextbook and Media 11,400 22,700 2022 $126,000 184,800 151,200 764,400 December 31, 2022 $25,200 14,500 17,640 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) MARIN COMPANY Cost of Goods Manufactured Schedule QUO Attempte:0 of 3 used Submit Answer
A-8
If Friday, October 4, 2019, is the record date for ABC Corporation, when must an investor have purchased the stock in order to be entitled to receive a declared dividend? Select one: O a. Thursday, October 3rd Ob. Wednesday, October 2nd c. Tuesday, October 1st
During 2018. Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per shares. The shares were purchased on the following dates Date Shares PriceMay 31, 2014 400 $9,375September 18, 2015 225 $8,500October 21, 2015 425 $10,000January 12, 2017 276 $7,125 Calculate the gain (loss) on the under the following assumption (carry your calculation to three places): a. Basis is calculated using the first-in, first-out method. b. Basis is calculated using the average cost method (assume all shares are long-term).
Malie bought 100 common shares of Gainsway Company on October 31, 2017 at P50 per share. On December 15, 2017 she received 25% stock dividend of common shares. On January 20, 2018, she sold the stock dividends at P30 per share. How much is the gain or loss on the sale of the stock dividends? P (250) 750 a C. b. 250 d. 3,750 CS Scanned with CamScanner 3.
i need the answer quickly
In 2020, Mr. Dale paid $40,700 for 3,700 shares of GKL Mutual Fund and elected to reinvest his year-end dividends in additional shares. In 2020 and 2021, he received Form 1099s reporting the following: 2020 2021 Dividends Reinvested $5,365 6,140 Shares Purchased Assume the taxable year is 2022. 393 385 Required A Required B Price per Total Shares Share $13.651 15.948 Required: a. If Mr. Dale sells his 4,478 shares for $15 per share, compute his recognized gain. b. If he sells only 1,250 shares for $15 per share and uses the FIFO method to determine basis, compute his recognized gain. c. If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Required C Owned Complete this question by entering your answers in the tabs below. 4,093 4,478 < Required B If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Note: Do not round intermediate calculations. Round your final answer to…
Data pertaining to dividends from Jenny Company’s ordinary shares investments for the year 2023 follow: * On October 1, 2023, Jenny received P500,000 liquidating dividend from A Company. Jenny owns a 10% interest in A Company. * Jenny owns a 5% interest in B Company which declared a P5,000,000 cash dividend on November 15, 2023 to stockholders of record on December 15, 2023 payable on January 15, 2024. Jenny does not have ability to exercise significant influence over B Company. * On December 1, 2023, Jenny received from C Company a dividend in kind of one share D Company ordinary shares for every 4 C Company ordinary shares held. Jenny holds 100,000 C Company shares, which have a market price of P50 per share on December 1, 2023. The market price of D Company ordinary is P30 per share. What amount should Jenny report as dividend income in its 2023 income statement?
Please help me
During 2021, Scott Peterson purchased 275 shares of common stock issued by true state manufacturing for $13,800 including commission. Later in the same year, Scott sold the shares for 14,000 after commission. Calculate the following: 1. Profit on this stock transaction 2. Percentage return on investment %
How would I report the following dividends on the form 8949 and schedule D On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. Purchased Sold Sale Price Basis Gain/Loss Dell (held 9 month) 12/01/19 09/01/20 $ 15,000 $ 9,000 $ 6,000 Pepsi (held 4 month) 09/01/20 12/29/20 17,000 25,000 (8,000) IBM (held 30 month) 06/05/18 12/05/20 38,000 20,000 18,000