21. On February 15, Jewel Company buys 7,600 shares of Marcelo Corp. common stoc
ID: 2484894 • Letter: 2
Question
21.
On February 15, Jewel Company buys 7,600 shares of Marcelo Corp. common stock at $28.59 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.21 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.36 per share less a brokerage fee of $250. The journal entry to record the dividend on April 15 is:
Debit Cash $9,196; credit Interest Revenue $9,196.
Debit Cash $9,196; credit Dividend Revenue $9,196.
Debit Cash $8,402; credit Dividend Revenue $8,402.
Debit Cash $9,196; credit Gain on Sale of Investments $9,196.
Debit Cash $8,402; credit Interest Revenue $8,402.
Use the following information and the indirect method to calculate the net cash provided or used by operating activities:
$15,350.
$14,350.
$95,800.
$30,200.
$37,600.
In preparing a company's statement of cash flows for the most recent year, the following information is available:
$134,400 of net cash used.
$150,000 of net cash used.
$245,000 of net cash provided.
$284,000 of net cash used.
$150,000 of net cash provided.
In preparing a company's statement of cash flows for the year just ended, the following information is available:
Net cash flows from financing activities for the year were:
$147,000 of net cash used.
$26,000 of net cash used.
$347,000 of net cash used.
$51,000 of net cash used.
$340,000 of net cash used.
Car Company's sales in Year 1 were $390,000 and in Year 2 were $427,500. Using Year 1 as the base year, the trend percent for Year 2 is:
On February 15, Jewel Company buys 7,600 shares of Marcelo Corp. common stock at $28.59 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.21 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.36 per share less a brokerage fee of $250. The journal entry to record the dividend on April 15 is:
Explanation / Answer
21.
On February 15, Jewel Company buys 7,600 shares of Marcelo Corp. common stock at $28.59 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.21 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.36 per share less a brokerage fee of $250. The journal entry to record the dividend on April 15 is:
Debit Cash $9,196; credit Interest Revenue $9,196.
Debit Cash $9,196; credit Dividend Revenue $9,196.
Debit Cash $8,402; credit Dividend Revenue $8,402.
Debit Cash $9,196; credit Gain on Sale of Investments $9,196.
Debit Cash $8,402; credit Interest Revenue $8,402.
Use the following information and the indirect method to calculate the net cash provided or used by operating activities:
Net income
$ 86,200
Depreciation expense
12,900
Gain on sale of land
-7,400
Increase in merchandise inventory
-2,950
Increase in accounts payable
7,050
$15,350.
$14,350.
$95,800.
$30,200.
$37,600.
In preparing a company's statement of cash flows for the most recent year, the following information is available:
Loss on the sale of equipment
$ 15,600
Purchase of equipment
161,000
Proceeds from the sale of equipment
142,000
Repayment of outstanding bonds
95,000
Purchase of treasury stock
70,000
Issuance of common stock
104,000
Purchase of land
131,000
Increase in accounts receivable during the year
51,000
Decrease in accounts payable during the year
83,000
Payment of cash dividends
43,000
Net cash flows from investing activities for the year were:
$134,400 of net cash used.
$150,000 of net cash used.
$245,000 of net cash provided.
$284,000 of net cash used.
$150,000 of net cash provided.
In preparing a company's statement of cash flows for the year just ended, the following information is available:
Loss on the sale of equipment
$14,000
Purchase of equipment
$225,000
Proceeds from the sale of equipment
$106,000
Repayment of outstanding bonds
$87,000
Purchase of treasury stock
$25,000
Issuance of common stock
$96,000
Purchase of land
$115,000
Increase in accounts receivable during the year
$33,000
Decrease in accounts payable during the year
$75,000
Payment of cash dividends
$35,000
Net cash flows from financing activities for the year were:
$147,000 of net cash used.
$26,000 of net cash used.
$347,000 of net cash used.
$51,000 of net cash used.
$340,000 of net cash used.
Car Company's sales in Year 1 were $390,000 and in Year 2 were $427,500. Using Year 1 as the base year, the trend percent for Year 2 is:
10%.
100%.
91%.
9%.
110%
On February 15, Jewel Company buys 7,600 shares of Marcelo Corp. common stock at $28.59 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.21 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.36 per share less a brokerage fee of $250. The journal entry to record the dividend on April 15 is:
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