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 3,500 shares of Gem Company stock at $24 per share.Purchased 2,000 shares of PepsiCo stock at $49 per share.July 7July 20Purchased 1,000 shares of Xerox stock at $16 per share.August 15 Received a $1.00 per share cash dividend on the Gem Company stock.August 28 Sold 2,000 shares of Gem Company stock at $30 per share.October 1 Received a $2.50 perDecember 15 Received a $1.00 pershare cash dividend on the PepsiCo shares.share cash dividend on the remaining Gem Company shares.December 31 Received a $1.50 per share cash dividend on the PepsiCo shares.The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.5. Identify the dollar increase or decrease from Rose's short-term stock investments on (a) its income statement for this year and (b) theequity section of its balance sheet at this year-end.(a) Income statement for this year(b) The equity section of its balance sheet at this year-end

Unrealized Loss: A fall in an asset's value that hasn't yet been realized is referred to as an…

Answered: Rose Company had no short-term…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Devers Company strated a stock repurchase plan in current year. Below are the related transactions. Record each transaction in the journal provided. Jun 12 Purchased 5,000 shares of treasury stock for $15 per share. Aug 9 Sold 2,000 shares of treasury stock for $18 per share Nov 7 Sold 1,500 shares of treasury stock for $14 per share
Feb. 1 July 1 E16-4 Hulse Company had the following transactions pertaining to stock investments. Purchased 600 shares of Wade common stock (2%) for $7,200 cash. Received cash dividends of $1 per share on Wade common stock. Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Instructions (a) Journalize the transactions.
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Record each of the following transactions and events of Hertz. Note: Round to nearest whole dollar. Year 1 January 1 Acquired 75,000 shares of Thrifty common stock for $531,000 cash. Thrifty has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Hertz. August 31 Thrifty declared and paid a cash dividend of $1.70 per share. December 31 Thrifty reported net income for the year of $504,900. Year 2 August 31 Thrifty declared and paid a cash dividend of $3.40 per share. December 31 Thrifty reported net income for the year of $730,400. December 31 Hertz sold 9,000 shares of Thrifty for $131,000 cash. View transaction list Journal entry worksheet
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) Treasury Stock Transactions Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 4,400 shares of its common stock at $68 per share. On April 30, Lava Lake Inc. sold 3,100 of the reacquired shares at $73 per share. On August 22, Lava Lake Inc. sold 1,300 shares at $65 per share. a. Journalize the transactions of February 11, April 30, and August 22. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 11 Apr. 30 Aug. 22 000 0 000 000 000
The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10 Purchased 4,400 shares of Delew Company’s common stock for a price of $50 per share plus a brokerage commission of $115. Delew Company has 220,000 shares of common stock outstanding. July 8 Received a quarterly dividend of $0.65 per share on the Delew Company investment. Sept. 10 Sold 1,200 shares for a price of $41 per share less a brokerage commission of $90. Dec. 31 At the end of the accounting period, the fair value of the remaining 3,200 shares of Delew Company’s stock was $49.53 per share.
EPS Junkyard Arts, Inc., had earnings of $316,000 for the year. The company had 30,000 shares of common stock outstanding during the year and issued 4,400 shares of $150 par value preferred stock. The preferred stock has a dividend of $5 per share. There were no transactions in either common or preferred stock during the year. Determine the basic earnings per share for Junkyard Arts for the year. Round answer to two decimal places.$per share
Surfer Girl Clothing Company issues 1,000 shares of $1 par value common stock at $25 per share. Later in the year, the company decides to purchase 100 shares at a cost of $28 per share. Determine the financial statement effects of the purchase of treasury stock. (Amounts to be deducted should be entered with minus sign.)
Oriole Inc. had the following transactions pertaining to investments in common stock. Jan. 1 Purchased 4,400 shares of Escalante Corporation common stock (4%) for $267,520 cash. July 1 Received a cash dividend of $5 per share. Dec. 1 Sold 880 shares of Escalante Corporation common stock for $56,320 cash. Dec. 31 Received a cash dividend of $5 per share. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Newly formed S&J Iron Corporation has 161,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500 shares of the stock for $10 per share. On May 2, the company issued an additional 20,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding. Feb. 28 Purchased 40,000 shares of the corporation’s own common stock at $28, recording the stock at cost. May 1 Declared semiannual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common stock to stockholders of record on June 1, payable on July 10. Jul. 10 Paid the cash dividends. Sep. 7 Sold 30,000 shares of treasury stock at $34, receiving cash. Oct. 1 Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Dec. 1 Paid the cash dividends and issued the certificates for the…

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