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enyata [817]
3 years ago
7

Cheyenne Corporation purchased 420 shares of Sherman Inc. common stock for $12,900 (Cheyenne 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 Cheyenne' 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.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Equity Investments 12,900 Cash 12,900 (b) Cash 1,365 Dividend Revenue 1,365 (c) Fair Value Adjustment 1,900 Unrealized Holding Gain or Loss - Income 1,900

Business
1 answer:
brilliants [131]3 years ago
8 0

Answer:

Find attached the answer and explanation in the attached file.

Explanation:

Find attached the answer and explanation in the attached file.

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A manufacturing department completed and transferred to finished goods a total of 50,000 units. They also had 2,500 units in end
Alinara [238K]

Answer:

The cost of units completed this period is $ 350,000

Explanation:

<u><em>Units Out of the Process Were:</em></u>

Finished Goods = 50,000

Ending Work In Progress = 2500

          <u>1.) Finished Goods Equivalent Units</u>

Materials : Finished Goods are 100% complete in terms of materials hence 50000 equivalent units

Conversion : Finished Goods are 100% complete in terms of conversion costs hence 50000 equivalent units

         <u> 2.) Cost of units completed Units</u>

Materials : 50000 × 5.75 =287500

Conversion : 50000×1.25 =62500

Total = 287500 + 62500 = $ 350,000

<em>*Note Ending Inventory is not relevant for this question</em>

<u />

3 0
3 years ago
An income statement reports the revenues earned minus expenses incurred by a business over a period of time.
Alex

Answer:

True

Explanation:

This is an income statement. Ex: Rent expenses, salaries expense, total revenues, etc.

7 0
3 years ago
Read 2 more answers
Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers?
Harlamova29_29 [7]

I believe the answer is:

High school athletes stop shopping there.


The inventory of sports socks goes unsold.

High school athletes tend to need the type of shoes that help in their mobility and tend to posses high level of endurance. These characteristics do not exist in Dress shoes. When high school athletes stop buying their shoes on the store, the number of stocks in the inventories tend to stay stagnant since it could not find customers.

6 0
3 years ago
Read 2 more answers
Who appoints the chairman of the board of governors of the federal reserve system ​
ELEN [110]

The chair is nominated by the President of the United States from among the members of the Board of Governors, and serves a term of four years after being confirmed by the United States Senate.

7 0
2 years ago
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2019: Ending inventory was overstated by $30,000 while depreciation expense was overstated by $24,000. 2020: Ending inventory wa
KIM [24]

Answer:

$25,000

Explanation:

The computation of the adjusted balance of retained earning is shown below:

Since the depreciation expense is overstated on 2019 which decreased the earnings so it would be added

Since the  depreciation expense is understated on 2020 which increased the earnings so it would be deducted

And, the ending inventory for 2020 is understated which decreased the earning so it would be added

Therefore, the adjusted balance is

= $24,000 - $4,000 + $5,000

= $25,000

3 0
3 years ago
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