m. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (g).DescriptionDebitCreditn. Received interest of $6,000 from the Solstice Corp. investment in (f).DescriptionDebitCredito. Sold Solstice Corp. bonds with a face value of $40,020 for $45,000, realizing a gain of $4,980.DescriptionDebitCreditp. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for 6months. The amortization is determined using the straight-line method.DescriptionDebitCreditq. Accrued interest for 3 months on the Dream Inc. bonds purchased in (1).DescriptionDebitCredit

Journal entry Journal entry is a set of economic events which can be measured in financial terms.…

Answered: Received interest of $6,000 from the…

Received interest of $6,000 from the Solstice Corp. investment in (f). Description Debit Sold Solstice Corp. bonds with a face value of $40,020 for $45,000, realizing a gain o

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

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e. Paid the cash dividends declared in (d). Description Debit Credit Cash Dividends Payable v 70,000 Cash v 300,150 X f. Purchased 4% bonds issued by Solstice Corp. as an available-for-sale investment for $300,150. Description Debit Credit Available-for-Sale Investments-Solstice Corp. Bonds 264,000 x Cash 264,000 x
How would I Debit and Credit for the transactions shown? Oct. 1 Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are classified as a held-to-maturity long-term investment. 7 Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun. 8. 14 Received a dividend of $0.60 per share from the Solstice Corp. investment on Jun. 1. 29 Sold 1,000 shares of Solstice Corp. at $45, including commission. 31 Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months. The amortization is determined using the straight-line method. Dec. 31 Accrued interest for three months on the Dream Inc. bonds purchased on Oct. 1. 31 Pinkberry Co. recorded total earnings of $240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 31 The fair value for Solstice…
Hania Company provided the following data for the current year. Gain on sale of equipment - 60,000 Proceeds from sale of equipment - 100,000 Purchase of Ace bonds, face amount, (P2,000,000)- 1,800,000 Amortization of bond discount -20,000 Dividend declared -450,000 Dividend paid - 380,000 Proceeds from sale of treasury shares with carrying amount of (P650,000)- 750,000 What is net cash…
r. Pinkberry Co. reported total earnings of $240,000. Equinox Products recorded its share of Pinkberry Co. net income using the equity method. Description Debit Credit s. The Solstice Corp. bonds have a fair value of $253,630 on December 31, 2OY5. Valuation Allowance for Available-for-Sale Investments had a balance of zero on January 1, 20Y5. Description Debit Credit Feedback
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A Company had the following activities during the current period: Acquired investment in ordinary shares classified as FA@VTOCI for P3,000,000. Sold investment in trading securities for P4,500,000 when the carrying amount was P3,800,000. Acquired a P5,000,000 one-year certificate of deposit from a bank. During the year, interest of P400,000 was received from the bank. Collected dividends of P800,000 on investments in equity securities. In the current period statement of cash flows, net cash used in investing activities should be
The Divirgil Company Net Income is $100. Given the following items: Purchase of debt securities (trading) $7 Amortization of Premium on Bonds Payable $4 Sale of Treasury Stock at cost $5 Increase in Dividends Payable $2 Increase in Retained Earnings $92 Change in Cash for the year is: Select one: $74 b. $84 $77 d. $78 e. $88 a. C.
a. Purchased 16,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 16,000 common shares of Heller for $252,480 cash. Note: For each account catégory, 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. Balance Sheet Transaction Cash Asset Noncash Assets Liabilities Contrib. Capital Earned Capital Income Statement Revenues Expenses Net Income (256,000)✔ 256,000 0 ✓ Cash = Investment = ✓ N/A ✔ N/A = N/A M/A N/A (b) 20,000 ▼ 20,000✓ 20,000 ✔ 0✓ = 20,000 ✓ Cash ✓ N/A ÷ N/A ÷ ✓ N/A = Retained earnings Dividend income = ✓ N/A = (c) 0✓ 24,000 ✔ 0✓ 0✓ 24,000 ▼ 24,000 く 24,000 Cash = Investment ✓ N/A = N/A Retained earnings nrealized gain ÷ (d) 252,480✔ (2.240,000) x- 28,480 x Cash ÷ ✓…
Assessing Financial Statement Effects of Equity Method SecuritiesUse the financial statement effects template to record the following transactions involving investments in marketable securities accounted for using the equity method.a. Purchased 12,000 common shares of Bakersfield Co. at $10 per share; the shares represent 30% ownership in Bakersfield.b. Received a cash dividend of $1.50 per common share from Bakersfield.c. Bakersfield reported annual net income of $75,000.d. Sold all 12,000 common shares of Bakersfield for $128,500.Use negative signs with answers, if appropriate. Balance Sheet Income Statement Noncash Contrib. Earned Transaction Cash Asset + Assets = Liabilities + Captial + Capital Revenues - Expenses = Net income a. Purchased shares of Bakersfield. Answer Answer Answer Answer Answer Answer Answer Answer b. Received cash dividend from Bakersfield. Answer Answer Answer Answer Answer Answer Answer Answer c.…
Below is select information from two, independent companies. Additional information includes: On January 1, Company A issued a 5-year $1,500,000 bond with at 6% stated rate. Interest is paid semiannually and the bond was sold at 105.5055 to yield a market rate of 4.75%. On January 1, Company B sold $1,500,000 of common stock and paid dividends of $75,000. A. Prepare an income statement for each company (ignore taxes) B. Explain why the net income amounts are different, paying particular attention to the operational performance and financing performance of each company. (Hint: it may be helpful for you to create an amortization table).
Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
An entity provided the following information for the current year:Dividend received 500,000Dividend paid 1,000,000Cash received from customers 9,000,000Cash paid to suppliers and employees 6,000,000Interest received 200,000Interest paid on long-term debt 400,000Proceeds from issuing share capital 1,500,000Proceeds from sale of long-term investments 2,000,000Cash paid for equity investment at FVOCI 800,000Income taxes paid 300,000Proceeds from long-term debt 3,000,000 Write O if the cash flow is under Operating Activities, I if the cash flow is under Investing Activities, and F if the cash flow is under Financing Activities.1. What is the net cash provided by operating activities?2. What is the net cash provided by investing activities?3. What is the net cash provided by financing activities?