Do not give answer in image Journalize the following investment transactions for Bonneau Inc.Jul1 Purchased for cash 8,000 shares of Wang, Inc stock for $20 each plus a $800 brokerage fee.Aug 3 Received dividends of .70 per share from WangAug 15 Purchased 50 $1,000 coporate bonds from Smith Inc at par.Sept 1 Received interest payment of $2,500 from SmithOct 31 Sold 4,000 sh of Wang stock for $40 eachDec 31 Market price of the Wang stock is $50 eachDateJOURNALDescriptionPRDRPageCR

Investment in shares means buying the stock of a company from the open market. These stocks are…

ul1 Purchased for cash 8,000 shares of Wang, Inc stock for $20 each plus a $800 brokerage fee. ug 3 Received dividends of .70 per share from Wang ug 15 Purchased 50 $1,000 coporate bonds from Smith Inc at par. ept 1 Received interest payment of $2,500 from Smith Oct 31 Sold 4,000 sh of Wang stock for $40 each $50 gach

ul1 Purchased for cash 8,000 shares of Wang, Inc stock for $20 each plus a $800 brokerage fee. ug 3 Received dividends of .70 per share from Wang ug 15 Purchased 50 $1,000 coporate bonds from Smith Inc at par. ept 1 Received interest payment of $2,500 from Smith Oct 31 Sold 4,000 sh of Wang stock for $40 each $50 gach

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 8E

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suuctions Chart of Accounts Journal Instructions Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. May July Aug. Oct. 24 Acquired 1,200 shares of Tett Co. stock for $82 per share plus a $140 brokerage commission. Acquired 2,600 shares of Issacson Co. stock for $35 per share plus a $105 commission. 16 14 12 31 400 shares of Tett Co. stock for $100 per share less a $80 brokerage commission. Sold 710 shares of Issacson Co. stock for $33.00 per share less an $85 brokerage commission. Received dividends of $0.40 per share on Tett Co. stock. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. Check My Work 3 more Check My Work uses remaining. O All work saved. DELL
Show Me How Entries for investment in stock, receipt of dividends, and sale of shares eBook Instructions On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of Edwards Co. common stock at $42 plus commission charges of $170. On June 1, a cash dividend of $1.85 per share was received. On November 12, 3,100 shares were sold at $49 less commission charges of $165. Journal 1 Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 3,100 shares. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. 2 3 4 Instructions Chart of Accounts !Journal 5 6 7 DATE Feb. 22 Jun. 1 ✓ Income of Edwards Co. Interest Revenue Print Item Cash Cash Dividend Revenue Nov. 12 Cash DESCRIPTION JOURNAL Unrealized Gain (Loss) on Available-for-Sale Investments heck My Work 1 more Check My Work uses remaining. ✓ POST. REF. DEBIT 302,400.00…
Journalizing equity investment transactions; fair value method Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24. Purchased 1,000 shares of Tett Co.'s common stock for $85 per share. May 16. Purchased 2,500 shares of Isaacson Co.'s common stock for $35. July 14. Sold 400 shares of Tett Co. stock for $102 per share. Aug. 12. Sold 750 shares of Isaacson Co. stock for $32 per share. Oct. 31. Received dividends of $0.40 per share on Tett Co. stock. Dec. 31. At the end of the accounting period, the fair value of the remaining 600 shares of Tett Co.'s stock was $110 per share. The fair value of the remaining 1,750 shares of Isaacson Co.'s stock was $30 per share. Journalize the entries for these transactions. If an amount box does not require an entry, leave it blank. Feb. 24 May 16 July 14 Aug. 12 Oct. 31 Dec. 31
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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.…
QUESTION: What amount of dividend income should be reported for the current year? What total amount of income should be reported in the current year's profit or loss?
Equity method journal entries (price equals book value) Prepare journal entries for the transactions below relating to an Equity Investment accounted for using the equity method. a. An investor purchases 14,400 common shares of an investee at $16 per share; the shares represent 25% ownership in the investee and the investor concludes that it can exert significant influence over the investee. b. The investee reports net income of $172,800. c. The investor receives a cash dividend of $1.50 per common share from the investee. d. The investor sells all 14,400 common shares of the investee for $260,280. General Journal Ref. Description Debit Credit a. b. C. d. Equity investment
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.
A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be ________. A. $11,985 B. $12,000 C. $15 D. $10,150