1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
belka [17]
4 years ago
10

Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (

2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions (a) Journalize the transactions. (b) Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.
Business
1 answer:
kicyunya [14]4 years ago
8 0

Answer:

(a)

                          Dr.          Cr.

Feb 1

Investment     $7,200

Cash                            $7,200

Jul 1

Cash               $600

Dividend Income        $600

Sep 1

Cash               $4,300

Gain on sale                 $700

Investment                  $3,600

(b) Dividend will be shown as other income in the revenue section of Income statement.  Gain on sale of common share will be reported on income statement after operating profit.

Explanation:

Per Share Purchase Price = 7200 / 600 = $12

300 Shares Purchase Price =  $12 x 300 = 3,600

You might be interested in
Page(s) 39-41 2.3. What are the benefits of specialization and trade? In one month, Mikhail’s Furnishings can make 160 carpets o
Amanda [17]

Answer:

Mikhail's gains 10 carpets and 10 quilts from the trade. Dominique's also gains 10 carpets and 10 quilts from the trade.

Step-by-step Explanation:

Step 1: Capacity

Mikhail's can make 160 carpets or 160 quilts per month.

Dominique's can make 120 carpets or 200 quilts per month.

Step 2: Before Trade

Mikhail's makes 80 carpets and 80 quilts per month.

Dominique's makes 60 carpets and 100 quilts per month.

Step 3: After Trade:

Mikhail's makes 160 carpets per month.

Dominique's makes 200 quilts per month.

Trade = 70 carpets for 90 quilts.

Mikhail's now has 160 - 70 = 90 carpets and 90 quilts.

Dominique's now has 70 carpets and 200 - 90 = 110 quilts

Step 4: Gains from Trade:

Mikhail's gains 90 - 80 = 10 carpets and 90 - 80 = 10 quilts from trade.

Dominique's gains 70 - 60 = 10 carpets and 110 - 100 = 10 quilts from trade.

8 0
4 years ago
Retailer opened a baseball card store in vacant prem- ises next to an existing store. The card shop was very busy on opening day
shtirl [24]

Answer:

No

Explanation:

This was a mistake on the retailers part for not training the clerk. The clerk would be at fault and may have to pay or have a paycheck reduction due to his mistake.

3 0
3 years ago
Dan signs a check payable to Eagle Investors, Inc., and gives it to Eagle, leaving the amount blank but authorizing Eagle to fil
34kurt

Answer:

$1,500

Explanation:

Based on the information given we were told that Eagle fills in the amount of $1,500 instead of the amount of $1,000 which Dan authorize Eagle to fill in which they went ahead to as well negotiates the check payable to First State Bank because Eagle owes First State Bank the amount of $1,500 which means that First State Bank which is an HDC, can enforce the check for the amount of $1,500 which was negotiated by Eagle to First State Bank.

Therefore First State, an HDC, can enforce the check for: $1,500

8 0
3 years ago
You are working at a practice that has a very busy daily schedule and needs to standardize the times when statements are handled
Ivan

Answer: Cycle Billing

Explanation:

Cycle billing refers to a billing practice where the individual customer is billed on a certain schedule based on the day you started paying or the day the contract kicked in. For instance, your cellular network provider billing you on the same day every month.

This ensures that not all customers are billed on the same day which will reduce the workload at the practice which already has a busy schedule. Rather with customers being billed on different days, the workload decreases.

Also it will then be known for certain which dates one can expect payments as well as when statements will be handled.

7 0
3 years ago
Walmart reduced waste in packaging by 3,500 tons by __________.
mash [69]
Walmart noticed that the packaging in some of their products only led to waste. Based from this observation, Walmart established a new policy requiring its toy suppliers to reduce the packaging of their products by one square-inch. Just from this reduction alone, Walmart's waste from packaging alone decreased by 3,500 tons. 
6 0
3 years ago
Other questions:
  • Under _____ reserve banking, banks hold only a small portion of deposits in reserve, and they lend the rest
    11·1 answer
  • Chinese immigrants utilized the minority group response of __________ when they formed chinatowns.
    11·1 answer
  • An employee of JHT Holdings, Inc., a private trucking company, was responsible for resolving roadway accident claims under $25,0
    14·1 answer
  • Every afternoon after class, Ruth buys a cold drink. She automatically either buys a Coca-Cola, a Minute Maid lemonade or a Fayg
    8·1 answer
  • In which language did Aryans write their poems and hymns?
    5·2 answers
  • In a round-robin tournament, every two distinct players play against each other just once. For a round-robin tournament with no
    15·1 answer
  • Martin has given himself an entertainment budget of $5 per week. He has decided that each week he will spend that $5 by either a
    10·1 answer
  • Using the rule of 72, t = StartFraction 72 Over r EndFraction, how long will it take for the principal to double with an annual
    14·1 answer
  • If an economy experiences deflation, the real interest rate will be greater than the nominal interest rate. will be negative whe
    12·1 answer
  • An increase in productivity as a result of a new technology would cause the production possibilities frontier to:________
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!