Business, 15.07.2021 16:50 student679

On December 31, 2018, the end of its first year of operations, Cullumber Associates owned the following securities that are held as long-term investments. Common Stock Shares Cost
C Co. 1,060 $51,940
D Co. 5,460 38,766
E Co. 1,206 25,326

On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2019, the following transactions occurred.

July 1 Received $2 per share semiannual cash dividend on D Co. common stock.
Aug. 1 Received $0.50 per share cash dividend on C Co. common stock.
Sept. 1 Sold 990 shares of D Co. common stock for cash at $8 per share.
Oct. 1 Sold 300 shares of C Co. common stock for cash at $53 per share.
Nov. 1 Received $1 per share cash dividend on E Co. common stock.
Dec. 15 Received $0.50 per share cash dividend on C Co. common stock.
31 Received $2.10 per share semiannual cash dividend on D Co. common stock.

At December 31, the fair values per share of the common stocks were C Co. $48, D Co. $6.90, and E Co. $25. These investments should be classified as long-term.

Required:
Journalize the 2019 transactions.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 13:30

Jose recently died with a probate estate of $900,000. he was predeceased by his wife, guadalupe, and his daughter, lucy. he has two surviving children, pete and fred. jose was also survived by eight grandchildren, pete’s three children, naomi, daniel, nick; fred’s three children, heather, chris and steve; and lucy’s two children, david and rachel. jose’s will states the following “i leave everything to my three children. if any of my children shall predecease me then i leave their share to their heirs, per stirpes.” which of the following statements is correct? (a) under jose’s will rachel will receive $150,000. (b) under jose’s will chris will receive $150,000. (c) under jose’s will nick will receive $100,000. (d) under jose’s will pete will receive $200,000.

Answers: 1

Answer

Business, 22.06.2019 20:20

An economic theory that calls for workers to take control of factories is .

Answers: 3

Answer

Business, 23.06.2019 00:50

Mr. drucker uses a periodic review system to manage the inventory in his dry goods store. he likes to maintain 15 sacks of sugar on his shelves based on the annual demand figure of 225 sacks. it costs $2 to place an order for sugar and costs $1 to hold a sack in inventory for a year. mr. drucker checks inventory one day and notes that he is down to 9 sacks; how much should he order?

Answers: 1

Answer

Business, 23.06.2019 01:50

The partnership of douglas, ryan, and ellen has dissolved and is in the process of liquidation. on july 1, 2016, just before the second cash distribution, the assets and equities of the partnership along with profit and loss sharing ratios were as follows: cash $30,000receivable - net $20,000inventories $25,000equipment - net $30,000total assets $80,000liabilities $12,000douglas, capital (20%) $28,000ryan, capital (50%) $24,000ellen, capital (30%) $16,000total liab./equity $80,000assume that the available cash is distributed immediately, except for a $2,000 contingency fund that is withheld pending complete liquidation of the partnership. how much cash should be paid to each of the partners? a. $3,200 douglas, $8,000 ryan, $4,800 ellenb. $5,600 douglas, $14,000 ryan, $8,400 ellenc. $16,000 douglas, $0 ryan, $0 ellend. $8,000 douglas, $0 ryan, $8,000 ellen

Answers: 1

Answer

You know the right answer?

On December 31, 2018, the end of its first year of operations, Cullumber Associates owned the follow...

Questions