QS 15-11 (Algo) Accounting for stock investments LO P4 Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 420 common shares of XLT Company as a short-term investment at a cost of $54 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.10 per share from XLT in dividends. View transaction list Journal entry worksheet 1 2 Purchases 420 common shares of XLT Company as a short-term investment at a cost of $54 per share. With this stock investment, Riley has an insignificant influence over XLT. Note: Enter debits before credits. Date April 18 General Journal Debit P Credit

QS 15-11 (Algo) Accounting for stock investments LO P4 Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 420 common shares of XLT Company as a short-term investment at a cost of $54 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.10 per share from XLT in dividends. View transaction list Journal entry worksheet 1 2 Purchases 420 common shares of XLT Company as a short-term investment at a cost of $54 per share. With this stock investment, Riley has an insignificant influence over XLT. Note: Enter debits before credits. Date April 18 General Journal Debit P Credit

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

leets of Account Title Bonds payable Common stock Year 2 Year 1 $1,015,000 130,000 15,000 62,900 $ 690,000 217, 000 Treasury stock Retained earnings 35,000 87, 300 Additional information regarding transactions occurring during Year 2: 1. Fox River, Inc. issued $48,900 of bonds during Year 2 The bonds were issued at face value. All bonds retired were retired at face value. 2. Common stock did not have a par value. 3. Fox River, Inc. uses the cost method to account for treasury stock. 4. The amount of net income shown on the Year 2 income statement was $35,600. Required a. Determine the amount of cash flow for the retirement of bonds that should appear on the Year 2 statement of cash flows. b. Determine the amount of cash flow from the issue of common stock that should appear on the Year 2 statement of cash flows. c. Determine the amount of cash flow for the purchase of treasury stock that should appear on the Year 2 statement of cash flows. d. Determine the amount of cash flow for the…
Question Content Area Nutritious Pet Food Company’s board of directors declares a cash dividend of $5,500 on June 30. At that time, there are 3,000 shares of $6 par value 4% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 - Select - - Select -
Problem 4 The Adam Corporation had the following transactions during the year: Jan. 15 Feb 15 Purchased 1,500 shares of LMN stock at S10 per share. Purchased 3,000 shares of KJL stock at $20 per share. Received dividends of $1 per share of LMN stock. Purchased $20,000 of XYZ bonds for $20,000. Interest of 9% is paid on April 15 and October 15. Sold 1,000 shares of KJL stock for $22,000. Received a $2 dividend per share for KJL stock. Received interest on XYZ bond. Sold the bonds for $21,000. Sold 500 shares of LMN stock for $5,000. Mar 15 Apr 15 Aug 15 Sep 15 Oct 15 Oct 15 Nov 15 On this day, LMN stock is selling for $19 per share and KJL stock is selling for $12 per share. Record th reflect the fair market value of the stock. Dec 31 Instructions: a. Record the transactions for the year in general journal format. b. Show how the stock investment would appear on the balance sheet on December 31.
11:36 Today All Photos 11:36 PM More Info Purchased 500 shares of Voltexar stock, paying $49 per share. The investment represents 4% ownership in Voltexar's voting stock. Raider does not have significant influence over Voltexar. Raider intends to hold the investment for the Jan. 14 indefinite future. Aug. 22 Received a cash dividend of $0.32 per share on the Voltexar stock. Dec. 31 Adjusted the Voltexar investment to its current market value of $54. Print Done Edit
Required information Problem 15-4A (Algo) Recording, adjusting, and reporting stock investments with insignificant influence LO P4 [The following information applies to the questions displayed below.] Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 6,000 shares of Gem Company stock at $29.25 per share. July 7 Purchased 3,000 shares of PepsiCo stock at $51.00 per share. July 20 Purchased 1,500 shares of Xerox stock at $18.00 per share. August 15 Received a $0.85 per share cash dividend on the Gem Company stock. August 28 Sold 3,000 shares of Gem Company stock at $36.00 per share. October 1 Received a $1.90 per share cash dividend on the PepsiCo shares. December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.25 per share cash dividend on the PepsiCo shares. The year-end fair values…
Brief Exercise 15-10Sweet Inc. declared a cash dividend of $2.2 per share on its 5 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates. (Enter answers in dollars. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) DateAccount Titles and ExplanationDebitCredit
Exercise 9-13 (Algo) Calculate basic EPS LO 7 Ringmeup Inc. had net income of $148,800 for the year ended December 31, 2019. At the beginning of the year, 38,000 shares of common stock were outstanding. On May 1, an additional 15,000 shares were issued. On December 1, the company purchased 4,700 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend on the 8,000 shares of 5.00%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2019. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Earnings per share
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 2,300 shares of its own stock for $35 per share. The stock has a par of $20 per share. A month later, Elroy resold 575 shares of the treasury stock for $43 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet < 2 Record the repurchase of own stock. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general Journal m N
QS 11-6 (Algo) Accounting for cash dividends LO P2 Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $172,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15. 59:06 View transaction list ook Journal entry worksheet > 1 3 Record the declaration of a cash dividend payable to common stockholders. Note: Enter debits before credits. Date General Journal Debit Credit July 15 ... raw lill O 69°F Cloudy 4x pe here to search 99+ 21 ort sc delete 24 6. 6) backspace R T Y. JL F G H. K
$15-5 Accounting for trading investments On February 1, 2014, Holl Co. decides to invest excess cash of $20,000 by pur- chasing 1,000 shares of Cooke, Inc. stock at $20 per share. At year-end, December 31, 2014, Cooke's market price was $22 per share. The investment is categorized as a trading investment.
Exercise 9-15 (Algo) Calculate basic EPS LO 9-6 Mechforce, Incorporated had net income of $145,200 for the year ended December 31, 2022. At the beginning of the year, 14,000 shares of common stock were outstanding. On April 1, an additional 20,000 shares were issued. On October 1, the company purchased 5,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 9,000 shares of 4.95%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Earnings per share