Question

Which accounts might be used by ABC Company because it owns 35% of JKL Company's outstanding...

Which accounts might be used by ABC Company because it owns 35% of JKL Company's outstanding stock as a long-term investment?  
Enter either "yes" or "no" in each box below
Paid in Capital in Excess of Par - Common Stock no
Dividends Revenue yes
Income from JKL Company Stock yes
Trading Securities no
Investment in JKL Company Stock yes
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Please let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 2, Cohan Company acquired 37% of the outstanding stock of Sanger Company for $715,500....
On January 2, Cohan Company acquired 37% of the outstanding stock of Sanger Company for $715,500. For the year ended December 31, Sanger Company earned income of $108,700 and paid dividends of $26,400. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles. On January 2, Cohan Company acquired 37% of the outstanding stock...
ABC Company acquired 41% of Davis Company's common stock for $400,000 on January 1, 2022. During...
ABC Company acquired 41% of Davis Company's common stock for $400,000 on January 1, 2022. During 2022, Davis Company reported a net income of $59,000 and paid dividends to its stockholders totaling $20,000. For 2023, Davis Company earned a net income of $91,000 and paid dividends totaling $38,000. On December 31, 2023, ABC Company sold 10% of its investment in Davis Company for $63,000 cash. Calculate the amount of the gain reported by ABC Company as a result of its...
On January 2, Cohan Company acquired 40% of the outstanding stock of Sanger Company for $677,000....
On January 2, Cohan Company acquired 40% of the outstanding stock of Sanger Company for $677,000. For the year ended December 31, Sanger Company earned income of $149,000 and paid dividends of $27,500. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Cohan Company General Ledger ASSETS 110 Cash 111...
Question 7 1 pts ABC, Inc., has 817 shares of common stock outstanding at a price...
Question 7 1 pts ABC, Inc., has 817 shares of common stock outstanding at a price of $50 a share. They also have 211 shares of preferred stock outstanding at a price of $80 a share. There are 690, 8 percent bonds outstanding that are priced at $40. The bonds mature in 16 years and pay interest semiannually. What is the capital structure weight of the preferred stock? Enter your answer as a percentage rounded off to two decimal points....
1)An investor in trading securities has the following information available at December 31, 2012:Market value of...
1)An investor in trading securities has the following information available at December 31, 2012:Market value of trading securities$8,000Acquisition cost of trading securities$9,000How does the investor report the change in market value on the trading securities at December 31, 2012? A) unrealized loss of $1,000 on income statement B) unrealized gain of $1,000 on income statement C) $1,000 is added to other comprehensive income account on the balance sheet D) $1,000 is subtracted from the other comprehensive income account on the...
Consider the following information from a company's unadjusted trial balance at December 31, 2018. All accounts...
Consider the following information from a company's unadjusted trial balance at December 31, 2018. All accounts have normal balances. Accounts Receivable $ 7,500 Accounts Payable 650 Cash 3,700 Service Revenue 14,500 Common Stock, $2 par, 10,000 authorized 2,000 Common Stock, add’l pd in capital 7,000 Equipment, at cost 12,900 Accumulated depreciation 2,300 Depreciation Expense 700 Land 5,800 Notes Payable, Due 2021 8,000 Investment Securities 1,200 Prepaid Rent 1,400 Rent Expense 2,400 Retained Earnings, January 1, 2018 5,850 Salaries and Wages...
Prepare an Income Statement ABC Corporation Adjusted Trial Balance December 31, 2014 Debit Credit Accounts Payable...
Prepare an Income Statement ABC Corporation Adjusted Trial Balance December 31, 2014 Debit Credit Accounts Payable $           65,340 Accounts Receivable              190,300 Accumulated Depreciation: Building $             5,400 Accumulated Depreciation: Equipment               29,359 Accumulated Other Comprehensive Income               15,000 Additional Paid in Capital - Treasury Stock               21,000 Advertising Expense                  8,400 Allowance for Doubtful Accounts               25,000 Bad Debt Expense                25,000 Bonds Interest Expense                43,088 Bonds Payable           1,600,000 Building              150,000 Cash            1,270,676 Common Stock            ...
Stock dividends & stock splits The stockholders’ equity accounts of GoSmart Company have the following balances...
Stock dividends & stock splits The stockholders’ equity accounts of GoSmart Company have the following balances on December 31, 2019. Common stock, $10 par, 100,000 shares issued and outstanding $1,000,000 Paid-in capital in excess of par—common stock $400,000 Retained earnings $1,800,000 Shares of GoSmart Company stock are currently selling on the National Stock Exchange at $20. Required: Prepare the appropriate journal entries for each of the following cases. (a) A stock dividend of 5% is declared and issued. (b) A...
Partial Balance Sheet: The following are selected accounts for the Alpha Dog Company after all Fiscal...
Partial Balance Sheet: The following are selected accounts for the Alpha Dog Company after all Fiscal Year December 31, 2016, adjusting entries & closing entries have been posted. All balances are normal. Account Amount Common Stock, $5 par 145,000 Treasury Stock, at cost $10 per share 20,000 Dividends Payable 7,000 Paid in Capital in excess of par, Common Stock 30,000 Paid in Capital in excess of par, Preferred Stock 5,000 Retained Earnings 156,000 Bonds Payable 85,000 Preferred Stock, $100 par,...
The stockholders’ equity accounts of Sandhill Company have the following balances on December 31, 2020. Common...
The stockholders’ equity accounts of Sandhill Company have the following balances on December 31, 2020. Common stock, $10 par, 289,000 shares issued and outstanding $2,890,000 Paid-in capital in excess of par—common stock 1,300,000 Retained earnings 5,860,000 Shares of Sandhill Company stock are currently selling on the Midwest Stock Exchange at $35. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT