On april 18, riley co. made a short-term investment in 300 common shares of xlt co. the purchase price is $42 per share and the broker’s fee is $250. the intent is to actively manage these shares for profit. on may 30, riley co. receives $1 per share from xlt in dividends. prepare the april 18 and may 30 journal entries to record these transactions.

april 18 short-term investments—trading (xlt) ?

cash ?

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false

Mno corporation uses a job-order costing system with a predetermined overhead rate based on direct labor-hours. the company based its predetermined overhead rate for the current year on the following data: total estimated direct labor-hours 50,000 total estimated fixed manufacturing overhead cost $ 285,000 estimated variable manufacturing overhead per direct labor-hour $ 3.80 recently, job p123 was completed with the following characteristics: total actual direct labor-hours 20 direct materials $ 710 direct labor cost $ 500 the amount of overhead applied to job p123 is closest to:

Choose all that apply. a financially-responsible person has a budget has no plan spends less than they make pays for everything with a credit card saves their money pays bills on time