Journal entries for the original purchase

Assignment Help Accounting Basics
Reference no: EM13147051

On February 12, 6, 000 shares of Lucas Company are acquired at a price of $22 per share plus a $240 brokerage fee. On April 22, a $.42-per share dividend was received on the Lucas Company stock. On May 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.

Prepare the journal entries for the original purchase, dividend and sale.

Reference no: EM13147051

Questions Cloud

Annual impact on the company overall net operating income : If management decides to buy part I50 from the outside supplier rather than to continue making the part, what would be the annual impact on the company's overall net operating income?
What is the new volume : a sample containing 1.50 moles of neon gas has a volume of 8.00 liters. what is the new volume if 25.0g of neon is added.
Narrative form the flow of direct materials : Explain in narrative form the flow of direct materials, direct labor, and factory overhead costs through the ledger accounts.
What is the relative fitness of each genotype : A population is composed of equal numbers of the genotypes AA, Aa, aa. The offspring produced by these genotypes number 756, 699, and 420, respectively.
Journal entries for the original purchase : On February 12, 6, 000 shares of Lucas Company are acquired at a price of $22 per share plus a $240 brokerage fee. Prepare the journal entries for the original purchase, dividend and sale.
Explain perform the degrees-of-freedom analysis : perform the degrees-of-freedom analysis and calculate the rates of (1) fresh propane feed, (2) propane entering and (3) exiting the reactor
What is surface tension : if the ethyl alcohol at 35 degree rise through 8.36 cm in a capillary tube of radius 0.20 mm , What is surface tension
Determining sale of the land realized : On November 8, 2003, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
Effect on the company overall net operating income : Further investigation has revealed that $34,000 of the fixed manufacturing expenses and $20,000 of the fixed selling and administrative expenses are avoidable if product R97C is discontinued. What would be the effect on the company's overall net o..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the breakeven sales volume and dollars for each nut

The Nut House sells almonds, cashews, and pistachios. Pistachios outsell cashews by a margin of 2 to 1 cans. Almonds were half the sales of cashews in cans.

  Whats the best method to use for businesses

The direct method might be easier to understand but it is also more expensive and more time consuming for the company why is that? and Whats the best method to use for businesses?

  Problem related to inventory

Jenner Company had beginning inventory of $90,000, ending inventory of $110,000, cost of goods sold of 400,000, and sales of 660,000. Jenner's days in inventory is:

  Is there any way the prosecution can nonetheless

What if state police regulations require that vehicles of persons taken into custody on the open road be impounded and subjected to a prescribed inventory inspection?

  What amount it report as cumulative effect of changing

Vandross Company has recorded bad debt expense in the past at a rate of 1.5% of net sales. In 2012, Vandross decides to increase its estimate to 2%.

  Computing bell income -equity method is applied

Assume the equity method is applied. Compute Bell's income from Demers for the year ended December 31, 2008.

  Prepare a bond discount amortization schedule

Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)

  Consolidated cash flow statement

Aceton Corporation owns 80 percent of the outstanding stock of Voctax, Inc. During the current year, Voctax made $140,000 in sales to Aceton. How does this transfer affect the consolidated statement of cash flows?

  Which method of selecting the sample is usually the best

The Acme Company has an $8,000,000 balance in accounts receivable. Their CPA believes that there are very few misstatements. Which of the following would the CPA use to audit the account?

  Common stock outstanding of landon corporation

On January 1, 2010, Garner Corporation purchased 25% of the common stock outstanding of Landon Corporation for $250,000. During 2010, Landon Corporation reported net income of $80,000 and paid cash dividends of $40,000.

  Which of the following is not a section 212 deduction

Section 212 addresses expenses for the production or collection of income and tax return preparation fees. Which of the following is not a Section 212 deduction?

  What is dexter corporation tax basis for the property

Alan, Baker and Crowe formed Dexter Corporation during 2011. Pursuant to the incorporation agreement, Alan transferred property with an adjusted basis of $30,000 and a fair market value of $45,000 for 450 shares of stock.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd