MyLab Accounting with Pearson eText -- Access Card -- for Financial Accounting
12th Edition
ISBN: 9780134727677
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter E, Problem E.18AE
(Learning Objective 2: Record transactions for equity securities) Journalize the following long-term, equity security transactions of Jeakin Department Stores:
- a. Purchased 450 shares of Fordham Fine Foods common stock at $33 per share (less than 10% of Fordham’s outstanding stock), with the intent of holding the stock for the indefinite future.
- b. Received a cash dividend of $1.30 per share on the Fordham investment.
- c. At year-end, adjusted the investment account to fair value of $39 per share.
- d. Sold the Fordham stock for $28 per share.
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Step
Amount
Category
Inventory
1. Beginning Balance, January 1
28,000
Beginning Balance
Raw Materials
2. (+) Purchases (RM Purchases)
220,000
Addition
Raw Materials
3. (-) Ending Balance
20,000
Ending Balance
Raw Materials
4. = Transferred Out (RM used)
(228,000)
Transferred Out
Raw Materials
5. (+) Direct Labor
(152,000)
Transferred Out
Direct Labor
6. (+) Fixed Overhead
300,000
Addition
Overhead
7. (+) Variable Overhead
-
Addition
Overhead
8. = Total Factory Overhead
(390,000)
Transferred Out
Overhead
9. Beginning Balance, January 1
40,000
Beginning Balance
WIP
10. (+) Additions (RM used)
228,000
Addition
WIP
11. (+) Additions (DL used)
152,000
Addition
WIP
12. (+) Additions (OH used)
390,000
Addition
WIP
13. (-) Ending Balance, December 31
55,000
Ending Balance
WIP
14. = Transferred Out (COGM)
(755,000)
Transferred Out
WIP
15.…
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Step
Amount
Category
Inventory
1. Beginning Balance, January 1
28,000
Beginning Balance
Raw Materials
2. (+) Purchases (RM Purchases)
220,000
Addition
Raw Materials
3. (-) Ending Balance
20,000
Ending Balance
Raw Materials
4. = Transferred Out (RM used)
(228,000)
Transferred Out
Raw Materials
5. (+) Direct Labor
(152,000)
Transferred Out
Direct Labor
6. (+) Fixed Overhead
300,000
Addition
Overhead
7. (+) Variable Overhead
-
Addition
Overhead
8. = Total Factory Overhead
(390,000)
Transferred Out
Overhead
9. Beginning Balance, January 1
40,000
Beginning Balance
WIP
10. (+) Additions (RM used)
228,000
Addition
WIP
11. (+) Additions (DL used)
152,000
Addition
WIP
12. (+) Additions (OH used)
390,000
Addition
WIP
13. (-) Ending Balance, December 31
55,000
Ending Balance
WIP
14. = Transferred Out (COGM)
(755,000)
Transferred Out
WIP
15.…
Chapter E Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Financial Accounting
Ch. E - Prob. 1QCCh. E - Rolling Hills Productions held investments in...Ch. E - Prob. 3QCCh. E - Crandall's investment is in less than 2% of...Ch. E - Dumois Corporation purchased 1,500 shares of...Ch. E - Prob. 6QCCh. E - Use the Dumois Corporation data in question 5....Ch. E - Prob. 8QCCh. E - Prob. 9QCCh. E - Prob. 10QC
Ch. E - Prob. E.1SCh. E - (Learning Objective 2: Account for investments in...Ch. E - Prob. E.3SCh. E - Prob. E.4SCh. E - Prob. E.5SCh. E - Prob. E.6SCh. E - Prob. E.7SCh. E - Prob. E.8SCh. E - Prob. E.9SCh. E - Prob. E.10SCh. E - (Learning Objective 5: Record a held-to-maturity...Ch. E - Prob. E.12SCh. E - (Learning Objective 5: Calculate and record...Ch. E - Prob. E.14SCh. E - Prob. E.15SCh. E - Prob. E.16SCh. E - Prob. E.17AECh. E - (Learning Objective 2: Record transactions for...Ch. E - (Learning Objective 2: Analyze and report...Ch. E - Prob. E.20AECh. E - Prob. E.21AECh. E - Prob. E.22AECh. E - Prob. E.23AECh. E - Prob. E.24BECh. E - Prob. E.25BECh. E - (Learning Objective 2: Analyze and report...Ch. E - (Learning Objective 3: Account for transactions...Ch. E - Prob. E.28BECh. E - Prob. E.29BECh. E - Prob. E.30BECh. E - Prob. E.31QCh. E - Prob. E.32QCh. E - Prob. E.33QCh. E - Prob. E.34QCh. E - Prob. E.35QCh. E - Dividends received on an equity-method investment...Ch. E - Prob. E.37QCh. E - Prob. E.38QCh. E - Prob. E.39APCh. E - (Learning Objectives 2, 3: Analyze and report...Ch. E - (Learning Objectives 2, 3: Analyze and report...Ch. E - Prob. E.42APCh. E - Prob. E.43BPCh. E - LO 2, 3 (Learning Objectives 2, 3: Analyze and...Ch. E - Prob. E.45BPCh. E - Prob. E.46BPCh. E - Prob. E.47DC
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