On February 1, 2018, Garden Company invests $19,000 in Iris, Inc. stock. Iris pays Garden a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On February 1, 2018, Garden Company invests $19,000 in Iris, Inc. stock. Iris pays Garden a $1,100 dividend on October 1, 2018. Garden sells the Iris's stock on October 31, 2018, for $19,550. Assume the investment is categorized as a short-term equity investment and Garden Company does not have significant influence Iris, Inc. Read the requirements Requirement 1. Journalize the transactions for Garden's investment in Iris' stock (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Garden's initial investment in Iris, Inc., stock. Accounts and Explanation Date Feb. 1 Debit B Credit Mavt inimalive Garden'e roroint of the Ortohor 1 duidend Choose from any list or enter any number in the input lelds and then continue to the next question Save for Later On February 1, 2018, Garden Company invests $19,000 in Iris, Inc. stock. Iris pays Garden a $1,100 dividend on October 1, 2018. Garden sells the l October 31, 2018, for $19,550. Assume the investment is categorized as a short-term equity investment and Garden Company does not have signific Iris, Inc. Read the requirements. Next, journalize Garden's receipt of the October 1 dividend Accounts and Explanation Date Oct. 1 Now journalize Garden's sale of the Iris, Inc., stock on October 31. Accounts and Explanation Date Debit Debit Credit Credit Oct 31 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later This Question: 4 pls Now joumalize Garden's sale of the Iris, Inc., stock on October 31. Accounts and Explanation On February 1, 2018, Garden Company invests $19,000 in Iris, Inc. stock. Iris pays Garden a $1,100 dividend on October 1, 2018. Garden sells the Iris's stock on October 31, 2018, for $19,550. Assume the investment is categorized as a short-term equity investment and Garden Company does not have significant influence over Iris, Inc. Read the requirements Date 2 of 22 Oct. 31 Debit Credit Requirement 2. What was the net effect of the investment on Garden's net income for the year ended December 31, 2018? Garden's net income for the year has by S This Test: 50 pls possa Choose from any list or enter any number in the input fields and then continue to the next question Save for Later On February 1, 2018, Garden Company invests $19,000 in Iris, Inc. stock. Iris pays Garden a $1,100 dividend on October 1, 2018. Garden sells the Iris's stock on October 31, 2018, for $19,550. Assume the investment is categorized as a short-term equity investment and Garden Company does not have significant influence Iris, Inc. Read the requirements Requirement 1. Journalize the transactions for Garden's investment in Iris' stock (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Garden's initial investment in Iris, Inc., stock. Accounts and Explanation Date Feb. 1 Debit B Credit Mavt inimalive Garden'e roroint of the Ortohor 1 duidend Choose from any list or enter any number in the input lelds and then continue to the next question Save for Later On February 1, 2018, Garden Company invests $19,000 in Iris, Inc. stock. Iris pays Garden a $1,100 dividend on October 1, 2018. Garden sells the l October 31, 2018, for $19,550. Assume the investment is categorized as a short-term equity investment and Garden Company does not have signific Iris, Inc. Read the requirements. Next, journalize Garden's receipt of the October 1 dividend Accounts and Explanation Date Oct. 1 Now journalize Garden's sale of the Iris, Inc., stock on October 31. Accounts and Explanation Date Debit Debit Credit Credit Oct 31 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later This Question: 4 pls Now joumalize Garden's sale of the Iris, Inc., stock on October 31. Accounts and Explanation On February 1, 2018, Garden Company invests $19,000 in Iris, Inc. stock. Iris pays Garden a $1,100 dividend on October 1, 2018. Garden sells the Iris's stock on October 31, 2018, for $19,550. Assume the investment is categorized as a short-term equity investment and Garden Company does not have significant influence over Iris, Inc. Read the requirements Date 2 of 22 Oct. 31 Debit Credit Requirement 2. What was the net effect of the investment on Garden's net income for the year ended December 31, 2018? Garden's net income for the year has by S This Test: 50 pls possa Choose from any list or enter any number in the input fields and then continue to the next question Save for Later
Expert Answer:
Answer rating: 100% (QA)
Solution 1 2 Naming convention are not available can b... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
A point charge of 6.1 mC lies at (-9, 0, 0) and a plane given by the equation 5.4(x + 2y + 2z)= 3.4 has an unknown surface charge density of ps. Determine the value of the surface charge density of...
-
19) A corporation has 4,000 shares, 10% preferred stock of $55.00 par preferred stock (Preferred dividends are $22,000), and 8,000 shares of common stock outstanding. The net income for the year is...
-
On January 1, 2013, Warhol Company issued 2,000 shares of 10%, $110 par value, cumulative preferred stock for $100,000. On December 30, 2015, the Board declared dividends of $30 per share on the...
-
What is the discount yield, bond equivalent yield, and effective annual return on a $ 5 million commercial paper issue that currently sells at 98.625 percent of its face value and is 136 days from...
-
Explain the rationale of an operations strategy that seeks to increase the opportunity for the use of technology by reducing variability in processing requirements.
-
The total energy of a typical closed system is given by \(E=25+155 T+0.07 T^{2}\) in Joules. The amount of heat absorbed by the system can be expressed as \(Q=3500+9 T\) in Joules. Estimate the work...
-
The balance sheet of Beechcraft, Inc., reported the following: Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the...
-
A rotating merry-go-round makes one complete revolution in 4.0 s (Fig. 838). (a) What is the linear speed of a child seated 1.2m from the center? (b) What is her acceleration (give components)?
-
Ch. 11 Assignment- Part 2 i Saved 8 Required information [The following information applies to the questions displayed below.] Year 1 total cash dividends Part 2 of 2 Year 2 total cash dividends Year...
-
You are given the following information concerning four stocks: a) Using 20X0 as the base year, construct three aggregate measures of the market that simulate the Dow Jones Industrial Average, the...
-
Assume a company produces certain product. It can sell whatever it produces. Each unit is sold for 3000 AED. It can produce 80units/day. The daily estimated inputs costs are: 70 man-hours, each...
-
The table below contains sample data for products, vendors who supply the products, and managers who manage the vendors. {VendorID, ProductID} is the composite primary key for this single table...
-
QUESTION: Apply the concepts of plant-within-a-plant (PWP) and mass customization to service organizations. Discuss. QUESTION: What are the five types of customer-induced variability that impact...
-
Londoloza Ltd ( Londoloza ) is one of the world's largest medical equipment providers to hospitals and is listed on the Johannesburg Stock Exchange. Londoloza developed a highly specialised 3 D...
-
Critically evaluate the value of developing and managing a retailers image and communication from a consumer perspective in light of the likely impact that load shedding will be having on the supply...
-
Marketing Management Final Project Overview Write a 2000-2500 word international consultant-like report. The report must discuss the positioning of a product or service from the country in which you...
-
Are all content types (text, visual, audio, and video) equally helpful for big companies vs. small businesses? Considering different social media platforms, how can different content be helpful for...
-
Smiths Family Fashions implemented a balanced scorecard performance measurement system several years ago. Smiths is a locally owned clothing retailer with fashions for men, women, teens, and...
-
Ganong Bros. Ltd., located in St. Stephen, New Brunswick, is Canadas oldest independent candy company. Its products are distributed worldwide. In 1885, Ganong invented the popular chicken bone, a...
-
Using the same data presented above in BE18-3 for Doabe Company, illustrate vertical analysis. Data From BE18-3: Using the following data from the comparative balance sheet of Doabe Company,...
-
Goods costing $3,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit was received from the supplier for damaged goods. Give the journal entry on July 24...
-
For the data set a. Find the first and third quartiles. b. Find the IQR. c. Find the upper and lower outlier boundaries. d. List all the values, if any, that are classified as outliers. 15 7 2 4 4 3...
-
A population has mean = 25 and standard deviation = 4. a. Find the z-score for a population value of 16. b. Find the z-score for a population value of 31. c. What number has a z-score of 2.5?
-
For the data set 37 82 20 25 31 10 41 44 4 36 68 a. Find the first and third quartiles. b. Find the IQR. c. Find the upper and lower outlier boundaries. d. List all the values, if any, that are...
Study smarter with the SolutionInn App