On April 18, Riley Co. made a short-term investment in 440 common shares of XLT Co. The purchase price is $56 per share and the broker's fee is $390. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.30 per share from XLT in dividends.
a. Prepare the April 18 and May 30 joumal entries to record these transactions.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On April 18, Riley Co. made a short-term investment in 440 common shares of XLT Co. The purchase price is $56 per share and the broker's ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Bonita Industries had 809000 shares of common stock outstanding at December 31, 2021. In addition, it had 149000 stock options outstanding, which had been granted to certain executives, and which gave them the right to purchase shares of Bonita's
Answers (1)
Tanya spoke so fast during her speech that it was difficult to understand her. A. Articulation B. Volume C. Inflection D. Tone E. Rate of delivery F. Rhythm H. Dramatic pause
Answers (2)
The 1974 federal legislation that exempted employers from certain state laws governing health insurance was A. COBRA B. ERISA C. CON D. HIPAA E. SCHIP
Answers (1)
You are faced with a dilemma. You want very much to go to the park with your friends and hang out. However, your mother left you firm instructions to clean your bedroom.
Answers (1)
Major Corp. is considering the purchase of a new machine for $5,000 that will have an estimated useful life of 5 years and no salvage value. The machine will increase Major's after-tax cash flow by $2,000 annually for 5 years.
Answers (1)
New Questions in Business
Determine the future amount if $240,000 is to be received 5 years from today, at 10 percent annual interest.
Answers (1)
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine's useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value.
Answers (1)
Tirri Corporation has provided the following information: Cost per UnitCost per Period Direct materials$7.35 Direct labor$3.55 Variable manufacturing overhead$1.40 Fixed manufacturing overhead $24,100 Sales commissions$1.
Answers (1)
A what type of budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year
Answers (1)
Barton Industries has operating income for the year of $3,500,000 and a 36% tax rate. Its total invested capital is $20,000,000 and its after-tax percentage cost of capital is 8%. What is the firm's EVA?
No Answers