Kayser Company owns 25% of Fort Company. For the current year Fort reports net income of $180,000

Question:

Kayser Company owns 25% of Fort Company. For the current year Fort reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Kayser’s equity in Fort’s net income and the receipt of dividends from Fort.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Sep 13, 2011 08:20 AM

See More Questions

e. After a long and successful career, you decide to fulfill your childhood dream and build a zoo in your backyard. The set-up costs for the fences, the animals, equipment, etc. are $200,000. The...
The following journal entry summarizes for the current year the income tax expense of Wilsons Software Warehouse: Income Tax Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
The IRS audits Tan's individual return for the current year and assesses a $9,000 deficiency, $2,800 of which results from Tan's negligence. What is the amount of Tan's negligence penalty? Does the...
If Sam gives a speech where he teaches his audience how to deal with a parking ticket, he is most likely using what organizational framework? Problem-Solution O Spatial Chronological O Cause-Effect O...
Construct a dotplot for the data. 13 13 10 10 11 10 1 10 15 13 13 12 10 13 10
[Splunk Question] Use index=botsv3. Frothly competitors are looking to take intellectual property from them, and the Chief Information Officer believes that they may try to compromise online Frothly...
Consider the fuel consumption data in Table B.18. For the purposes of this exercise, ignore regressor $x_{1}$. Perform a thorough residual analysis of these data. What conclusions do you draw from...
Use the spreadsheet model constructed to answer Problem 1 to answer this problem. a. Construct a one-way data table with production volume as the column input and profit as the output. Breakeven...
Image transcription text Angle (0) Location (r) [m] 0 30 45 60 90 0.001 -2.4E+09 -1.2E+09 2.0E+04 1.2E+09 2.4E+09 0.1 -2.2E+01 -9.8E+00 2.5E+00 1.5E+01 2.7E+01 0.2 -1.0E+00 0.0E+00 1.0E+00 2.0E+00...
Super Star, a Hollywood publicity firm, uses the balance sheet approach to estimate uncollectible accounts expense. At year-end, an aging of the accounts receivable produced the following five...
On August 1, Wade Company buys 1,000 shares of Morgan common stock for $35,000 cash, plus brokerage fees of $700. On December 1, Wade sells the stock investments for $40,000 in cash. Journalize the...
The cost of the trading securities of Cepeda Company at December 31, 2010, is $62,000. At December 31, 2010, the fair value of the securities is $59,000. Prepare the adjusting entry to record the...
Write a brief essay highlighting the difference between IFRS and accounting standards for private enterprises noted in this chapter, discussing the conceptual justification for each. Discuss.
Having a career plan is important, though experts suggest keeping an open mind about what you might want to do and where you might want to work. Describe your perfect job after graduation. Then...
Creating a professional brand is critical to your job search. If you were to begin a job search today, what would your brand message be? What changes to your email address, signature block, voice...
During March, Ral interviewed for five internships for the upcoming summer before his senior year. Of the five, he was most interested in Baylor Industries. By April 10, he had received offers from...
Assume that you will be participating in a group interview in which several applicants for an internship program will meet with the companys recruiting team. You dont know what questions will be...
When applicants do not adequately prepare for standard interview questions, they often provide ineffective answers to inquiries about their weaknesses. Why is it a bad idea simply to admit a weakness...
What artifacts may start in elaboration?
On October 1, 2021, Adoll Company acquired 2,600 shares of its $1 par value stock for $38 per share and held these shares in treasury. On March 1, 2023, Adoll resold all the treasury shares for $34...
The semicubical parabola y 2 = x 3 and the line x = 1
Computer Associates International, Inc., the worlds leading business software company, delivers the end-to-end infrastructure to enable e-business through innovative technology, services, and...
Computer Associates International, Inc., the worlds leading business software company, delivers the end-to-end infrastructure to enable e-business through innovative technology, services, and...
Computer Associates International, Inc., the worlds leading business software company, delivers the end-to-end infrastructure to enable e-business through innovative technology, services, and...
reply to this: hoose a king from the Divided Kingdom era that the Kings and Chronicles account both mention and write a thread. Provide a brief synopsis of the king's rule, then analyze how the...
A property manager is preparing a monthly report pursuant to the terms of a property management agreement. This report details actual income received from rent and other fees, along with actual...
Discuss the information provided in the three main financial statements. And if you can only have access to one of these three statements in order to make a decision on whether to invest or not in a...

Kayser Company owns 25% of Fort Company. For the current year Fort reports net income of $180,000

Question:

Step by Step Answer:

Dec 31 Stock Investments 4500...View the full answer

Accounting Principles

Students also viewed these Accounting questions