Required information [The following information applies to the questions displayed below.) a. On March 22, purchased 700 shares of RPI Company stock at $22 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 350 shares of RPI stock for $32 per share. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including+ or -) for each transaction. Assets Liabilities 0 B 8. . + - ences b. G. ن 0. + Equity

Required information [The following information applies to the questions displayed below.) a. On March 22, purchased 700 shares of RPI Company stock at $22 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 350 shares of RPI stock for $32 per share. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including+ or -) for each transaction. Assets Liabilities 0 B 8. . + - ences b. G. ن 0. + Equity

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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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?
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $1 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 50 shares of RPI stock for $15 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list Journal entry worksheet On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke's stock investment results in it having an insignificant influence over RPI. Note: Enter debits before credits. Transaction General Journal Debit Credit a. ▸
[The following information applies to the questions displayed below.] a. On March 22, purchased 700 shares of RPI Company stock at $22 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 350 shares of RPI stock for $32 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list Journal entry worksheet с * 00 8 ( 9
! Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 880 shares of RPI Company stock at $13 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $23 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list
On March 22, purchased 860 shares of RPI Company stock at $21 per share. Duke's stock investment results in it having an insignificant influence over RPI. On July 1, received a $3 per share cash dividend on the RPI stock purchased in part a. On October 8, sold 430 shares of RPI stock for $31 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. 1 On March 22, purchased 860 shares of RPI Company stock at $21 per share. Duke's stock investment results in it having an insignificant influence over RPI. 2 On July 1, received a $3 per share cash dividend on the RPI stock purchased in part a. 3 On October 8, sold 430 shares of RPI stock for $31 per share.
What amount of dividend income should be reported for the current year?
B8.
Diann Ltd. had the following transactions pertaining to share investments. Feb. 1 Purchased 600 ordinary shares of Ronn (2%) for $6,200. July 1 Received cash dividends of $1 per share on Ronn ordinary shares. Sept. 1 Sold 300 ordinary shares of Ronn for $4,300. Dec. 1 Received cash dividends of $1 per share on Ronn ordinary shares. Instructions: a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.
Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 340 common shares of XLT Company as a short-term investment at a cost of $46 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.40 per share from XLT in dividends. View transaction list Journal entry worksheet 1 2 Purchases 340 common shares of XLT Company as a short-term investment at a cost of $46 per share. With this stock investment, Riley has an insignificant influence over XLT. Note: Enter debits before credits. Date April 18 Record entry General Journal Clear entry Debit Credit View general journal
Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.00 per share from XLT in dividends. Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT on April 18. Note: Enter debits before credits. Date General Journal Debit Credit Apr 18 Receives $1.00 per share from XLT in dividends on May 30. Note: Enter debits before credits. Date General Journal Debit Credit May 30