Prepare blossom journal entries to record dividends received

Assignment Help Accounting Basics
Reference no: EM131894173

Question - Blossom Corporation purchased 380 shares of Sherman Inc. common stock for $13,300 (Blossom does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. At year-end, Sherman stock was selling for $37.00 per share.

Prepare Blossom' journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)

Reference no: EM131894173

Questions Cloud

Calculation of the debt component of lilymac wacc : What would the appropriate tax rate be for use in the calculation of the debt component of LilyMac’s WACC?
How many jump ropes should totz company produce : Totz Company wants to have 20% of the next quarter's sales in units on hand at the end of each quarter. How many jump ropes should Totz Company produce
Developing countries overall can take to extricate : Determine at least three (3) possible economic, social, or political steps that developing countries overall can take to extricate their poor citizens from this
Create a powerpoint presentation deck : BUS 4045 - Create a PowerPoint presentation deck containing the following elements, one question per slide. Ensure that your slides are uncrowded
Prepare blossom journal entries to record dividends received : Prepare Blossom' journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment
How do the concepts of personal space and territoriality : How do the concepts of personal space and territoriality differ? How is human territoriality different from that of nonhuman species?
What are the six characteristics of effective writing : What are the six characteristics of effective writing for the CPA exam? Pick one and explain why it is important to accounting research.
Write a report on the borrowed theories : Write a report on the Borrowed Theories. Indicate the category under which the theorist falls (can use McEwen & Wills classification or other source).
Define prejudice : Define prejudice. How is it explained through the ubiquitous social phenomenon? Be detailed in your response.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare an income statement and balance sheet

The goods In Event 1 were purchased FOB shipping point with freight cost of $295 cash. Prepare an income statement and balance sheet

  Employee fringe benefit program expenses

Southern Company's accountant failed to accrue as of 12/31/08 some employee fringe benefit program expenses that were incured in 2008 and that will be paid in 2009. The result of this ommision is to:

  Preparing schedule indicating cash collections of accounts

The company expects to sell 20% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the following month. Prepare a schedule indicati..

  If the historical cost of product x is 64 the selling price

if the historical cost of product x is 64 the selling price product x is s90 the costs to sell product x are s14 the

  What do we mean by the term absolute advantage

What is an exchange rate - what do we mean by the term ABSOLUTE ADVANTAGE?

  Give the income tax account for the given year

For some years, the Adjo Trading Company Ltd. has made provision in its books for taxation based on all profits earned to the Balance Sheet date.

  Prepare consolidated financial statements for the year ended

Required: Complete the following worksheet for consolidated financial statements for the year ended December 31, 20X8

  Economic and tax advantages of business expansion

Describe and evaluate some of the economic and tax advantages of business expansion. How do economic and tax implications of expansion influence decisions on whether to expand or not, and if expansion is undertaken, how do these implications shape..

  Effective tax rate on the foreign sourced income per year

Pacific Jewel Airlines (Hong Kong). Pacific Jewel Airlines is a U.S.-based air freight firm with a wholly owned subsidiary in Hong Kong.

  What risks exist for the company chevron

What risks exist for the companyChevron? How can the company alleviate these risks?

  Assume that pujols will continue to use this asset

The fair value of the equipment at December 31, 2011, is $5,100,000. Prepare the journal entry (if any) necessary to record this increase in fair value.

  Difference between actual and budgeted costs

At normal capacity of 8,000 units, budgeted manufacturing overhead is: $48,000 variable and $135,000 fixed. If Wayman had actual overhead costs of $187,500 for 9,000 units produced, what is the difference between actual and budgeted costs

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