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2 years ago

On January 2, 20Y4, Whitworth Company acquired 40% of the

Business

1 answer:

Gelneren [198K]2 years ago

6 0

Answer:

Journal entries needed for:

a. Purchase of stock

b. Share of Aloof income

c. Dividend

d. Sale of Aloof company stock

a. Purchase of stock

Date Account Title Debit Credit

Jan 2, 20Y4 Investment in Aloof company $340,000

stock

Cash $340,000

b. Share of Aloof income

Date Account Title Debit Credit

Dec 31, 2024 Investment in Aloof company $72,000

stock

Income of Aloof Company $72,000

Working:

= 40% * 180,000 income

= $72,000

c. Dividend

Date Account Title Debit Credit

Dec 31, 2024 Cash $4,000

Investment in Aloof company $4,000

stock

Working:

= 40% * 10,000 dividend

= $4,000

d. Sale of stock

Date Account Title Debit Credit

Dec 31, 2024 Cash $405,000

Loss on sales of Aloof $3,000

company stock

Investment in Aloof company $408,000

stock

Working:

Value of stock = Purchase price + share of Aloof income - Share of dividend

= 340,000 + 72,000 - 4,000

= $408,000

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Answer: Option (B)

Explanation:

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3 years ago

A difference between operations and projects is that operations end when their objectives have been reached, whereas projects do

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Answer:

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3 years ago

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Electronic Profiling is your answer. I hope I helped:)

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3 years ago

Bond market values are expressed as a percentage of their par (face) value. For example, a company's bonds might be trading at 1

Westkost [7]

The current market price of the bond is 103% of their par value

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In the same vein, 103 price means the quoted price of the bond is 103% of the par value of the bond/

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1 year ago

The following information is available for Rodriguez Industries:

shepuryov [24]

Answer:

$183,200

Explanation:

Given that,

Direct labor = $86,000

Total current manufacturing costs = $381,000

Manufacturing overhead is applied to production:

= 130% of direct labor cost

= 1.30 × $86,000

= $111,800

Total manufacturing costs = Direct material + Direct labor + Manufacturing overhead.

$381,000 = Direct material + $86,000 + $111,800

Direct material = $381,000 - $86,000 - $111,800

= $183,200

Therefore, the amount of direct materials used in production is $183,200.

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3 years ago