User Account

All Pages

On january 4 2011 kelly co purchased 40000 shares 40 of the

Assignment Help Accounting Basics
Reference no: EM13572965

On January 4, 2011, Kelly Co. purchased 40,000 shares (40%) of the common stock of Lemon Corp., paying $800,000. There was no goodwill or other cost allocation associated with the investment. Kelly has significant influence over Lemon. During 2011, Lemon reported income of $200,000 and paid dividends of $80,000. On January 2, 2012, Kelly sold 5,000 shares for $125,000.

What was the balance in the investment account after the shares had been sold?

Reference no: EM13572965

Questions Cloud

The raattama corporation had sales of 35 million last year : the raattama corporation had sales of 3.5 million last year and it earned a 5 percent return after taxes on sales.
Verify the 5- and 7-year property class percentage given in : verify the 5- and 7-year property class percentage given in table 12.4 by applying the 200 db approach to a piece of
Most academic political and business papers have a specific : most academic political and business papers have a specific primary audience but they also include secondary audiences.
Which of the following events are likely to increase the : which of the following events are likely to increase the market value of a call option on a common stock? explain.a. an
On january 4 2011 kelly co purchased 40000 shares 40 of the : on january 4 2011 kelly co. purchased 40000 shares 40 of the common stock of lemon corp. paying 800000. there was no
The weaver watch company sells watches for 25 the fixed : the weaver watch company sells watches for 25 the fixed costsare 140000 and variable costs are 15 per watch.a. what is
Igloo inc owns 30 of jack co and applies the equity method : igloo inc. owns 30 of jack co. and applies the equity method. during the current year igloo bought inventory costing
On january 1 2011 giggle company purchased 30 of the voting : on january 1 2011 giggle company purchased 30 of the voting common stock of home corp. for 1000000. any excess of cost
The karns oil company is deciding whether to drill for oil : the karns oil company is deciding whether to drill for oil on a tract of land that the company owns. the company

Reviews

Write a Review

Accounting Basics Questions & Answers

  Gaap financial statement purpose

Rubarb farms depreciates its assets at a faster rate for tax purposes than to GAAP financial statement purposes, and invest heavily in municipal bonds. in its first year of operation, the year ended Dec 31, year 1.

  Now suppose that hunter considers the time value of money

dominic hunter a second-year business student at the university of utah will graduate in two years with an accounting

  What is the breakeven point in sales dollars for win

What is the breakeven point in sales dollars for Win?

  Granger products recorded the following transactions for

granger products recorded the following transactions for the just completed month. the company had no beginning

  The confectioners corner inc would like to buy a new

the confectioners corner inc. would like to buy a new machine that automatically dips chocolates. the dipping operation

  Many companies publish their annual reports on their

many companies publish their annual reports on their website usually in an investor relations section. visit several

  What is the amount of sj corporations loss

Jennie purchased 50 percent of the shares of SJ Corporation, a calendar year S corporation, for $7,000. She also guaranteed a corporate loan of $6,000. For 2011, SJ Corporation had an operating loss of $22,000. What is the amount of SJ Corporation..

  Determining highest after-tax return

he Harsanyi Corp. is considering four investments. Which provides the highest after-tax return for Harsanyi Corp. if it is in the 34% tax bracket?

  Value of the minimum lease payments under a lease

If a company is determining the present value of the minimum lease payments under a lease, what interest rate should be used as the discount rate using IFRS?

  Unrealized losses on available-for-sale securities

Noell Corp. has common stock of $5,500,000, retained earnings of $3,000,000, unrealized gains on trading securities of $100,000 and unrealized losses on available-for-sale securities of $200,000. What is the total amount of its stockholders' equit..

  Discussion of value added taxes

What is a VAT? Give an example of VAT in other nations. What is the difference between centralized and decentralized government? What are the advantages of a federal system of government?

  Journal entries for bond issuance-interest and amortization

Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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