Glyder Inc. had these transactions pertaining to investments in common stock : Jan. 1 Purchased 1,200 shares of Bethke Corporation common stock (5% of outstanding shares) for $58,000 cash plus $1,200 brokers commission. July 1 Received a cash dividend of
Glyder Inc. had these transactions pertaining to investments in common stock:
Jan. 1 Purchased 1,200 shares of Bethke Corporation common stock (5% of outstanding shares) for $58,000 cash plus $1,200 broker’s commission.
July 1 Received a cash dividend of $7 per share.
Dec. 1 Sold 900 shares of Bethke Corporation common stock for $48,000 cash less $800 broker’s commission.
31 Received a cash dividend of $7 per share.
Instructions
Journalize the transactions.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
Jan. 1 Purchased 1,200 shares of Bethke Corporation common stock (5% of outstanding shares) for $58,000 cash plus $1,200 broker’s commission.
July 1 Received a cash dividend of $7 per share.
Dec. 1 Sold 900 shares of Bethke Corporation common stock for $48,000 cash less $800 broker’s commission.
31 Received a cash dividend of $7 per share.
Instructions
Journalize the transactions.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Details
Chapter #
15- Reporting and Analyzing Investments
Section: Exercises
Problem: 3
Posted Date: September 22, 2011 11:30:36
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