Hello! I need help with the following accounting problem: Bramble Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 32,700 outstanding shares of common stock at a total cost of $10 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $31,600. On December 31, Kasey reported a net income of $116,000 for the year. Prepare all the neccesary journal entries for 2022 for Bramble inc. Thank you!
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Hello! I need help with the following accounting problem:
Bramble Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 32,700 outstanding shares of common stock at a total cost of $10 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $31,600. On December 31, Kasey reported a net income of $116,000 for the year.
Prepare all the neccesary
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- Toco Ltd has sought your assistance with recording some transactions it undertook in the financial year to June 30, 2022. At the start of the financial year, the entity's retained earning balance was $61.3 million, while its share capital, which comprised solely of ordinary shares with a par value of $0.80 each, amounted to $324 million. At the end of its first quarter, the entity declared and paid dividends of four cents per share. Shortly after this dividend declaration, on December 1, 2022, it undertook a rights issue of two shares for every five held at $1.15 per share. This was followed two months later by a bonus issue of one share for every seven held. The entity's policy in relation to equity restructuring is to preserve retained earnings insofar as is possible. Required: Prepare the journal entries for each of the three adjusting equity transactions outlined above, supported with the necessary workings. You are required to show the number of shares in issue before each…Son Toco Ltd has sought your assistance with recording some transactions it undertook in the financial year to June 30, 2022. At the start of the financial year, the entity's retained earning balance was $61.3 million, while its share capital, which comprised solely of ordinary shares with a par value of $0.80 each, amounted to $324 million. At the end of its first quarter, the entity declared and paid dividends of four cents per share. Shortly after this dividend declaration, on December 1, 2022, it undertook a rights issue of two shares for every five held at $1.15 per share. This was followed two months later by a bonus issue of one share for every seven held. The entity's policy in relation to equity restructuring is to preserve retained earnings insofar as is possible. Required: Prepare the journal entries for each of the three adjusting equity transactions outlined above, supported with the necessary workings. You are required to show the number of shares in issue before each…1) Precision Corporation had the following income statement prepared by a new accounting intern for the fiscal year ended December 31, 2020. The management of Precision is concerned that it was not prepared in accordance with generally accepted accounting principles. Precision is a private corporation reporting under ASPE. Precision Corporation Income Statement December 31, 2020 Sales $1,500,000 Interest Revenue 45,000 Issue of Common Shares for Cash 155,000 Total Revenues $1,700,000 Less: Cost of Goods Sold $825,000 Operating Expenses 340,000 Cash Dividends Declared on Common Shares 120,000 Total Expenses 1,285,000 Net Gain $ 415,000 Additional Information: 1. The balance of Retained Earnings was $472,000 on January 1st, 2020. 2. Precision had a profit from discontinued operations of $70,000 and a loss on the disposal of assets of the discontinued operations of $40,000 during 2020. 3. It was discovered that sales had been overstated by $100,000 in 2019. 4. The corporate income tax…
- Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 72,000 shares of Grecco Company common stock for $566,000 cash. Grecco has 216,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.10 per share. December 31 Grecco announced that net income for the year is $513,900. Year 2 June 1 Grecco declared and paid a cash dividend of $3.90 per share. December 31 Grecco announced that net income for the year is $745,400. December 31 Kodax sold 12,000 shares of Grecco for $125,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. Note: Do not round intermediate calculations and round your final answers to the nearest dollar amount. View transaction list Journal entry worksheet 1 2 3 4 5 6 Purchased 72,000 shares of Grecco Company common stock for $566,000 cash. Grecco has 216,000 shares of common stock…Marigold Corporation purchased 420 shares of Nolan Inc. common stock for $14,200 (Marigold does not have significant influence). During the year, Nolan paid a cash dividend of $3.25 per share. At year-end, Nolan stock was selling for $35.00 per share. (a) Prepare Marigold's journal entry to record the purchase of the investment. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit CreditListed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 40,000 shares of Grecco Company common stock for $431,000 cash. Grecco has 120,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $489,900. Year 2 June 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $705,400. December 31 Kodax sold 9,000 shares of Grecco for $160,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) View transaction list Journal entry worksheet < 1 2 Note: Enter debits before credits. Date September 1, Year 1 3 Cash 4 Grecco declared and paid a cash dividend of $1.70 per share. 5 6…
- On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.) Date Account Titles and Explanation > (To record dividends received) (To record share of net income) Debit CreditBonita Co. invested $910,000 in Windsor Co. for 25% of its outstanding stock. Windsor Co. pays out 30% of net income in dividends each year.Use the information in the following T-account for the investment in Windsor to answer the following questions. Investment in Windsor Co. 910,000 99,000 29,700 (a) How much was Bonita Co.’s share of Windsor Co.’s net income for the year? Net income $enter Bonita’s net income in dollars (b) What was Windsor Co.’s total net income for the year? Total net income $enter the total net income of WindsorCo. for the year (c) What was Windsor Co.’s total dividends for the year? Total Dividends $enter the total dividends of WindsorCo. for the year (d) How much was Bonita Co.’s share of Windsor Co.’s dividends for the year? Dividends $enter the dollar amount of dividends for Bonita Co.A2) Hello! I need urgent help with the following accounting question: 1. Cullumber Cosmetics acquired 13% of the 301,200 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2022. On June 30, Elite declared and paid a $70,100 dividend. On December 31, Elite reported net income of $226,500 for the year. At December 31, the market price of Elite Fashion was $15 per share. 2. Bramble Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 32,700 outstanding shares of common stock at a total cost of $10 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $31,600. On December 31, Kasey reported a net income of $116,000 for the year. Promt is also shared below with addition to numbers. Thank you in advance!
- Turner Company owns 35% of the outstanding stock of ICA Company. During the current year, ICA paid a $6 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If there is no effect to an element of the financial statements, select "No effect". Balance sheet Income statement million million million. Yüksel A.Ş., of which our company had previously purchased and was a 20% shareholder, made a profit of TL 500,000 on 15.03.2021 and announced to the public that it would distribute 30% of the profit to the shareholders in cash.explained. Show the journal entry that our business should make accordingly.Kramer Corporation had the following long-term Investment transactions. Prepare the journal entries Kramer Corporation should record for these transactions and events. Jan 2 Purchased 5,000 shares of Optic, Inc. for $42 per share plus $7,000 in fees and commission. These shares represent a 35% ownership of Optic. Oct 15 Received Optic, Inc. cash dividend of $2 per share. Dec 31 Optic reported a net income of $66,000 for the year.
