5. Brady's Brunch purchases 10% of the outstanding stock of Texas Suppliers for $35,000 on January...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
5. Brady's Brunch purchases 10% of the outstanding stock of Texas Suppliers for $35,000 on January 1, 20Y5. On May 15, 20Y5, Brady's Brunch receives $1,000 in dividends from Texas Suppliers. Brady's Brunch sells half of the stock in Texas Suppliers for $18,900 on November 25, 20Y5. Prepare the journal entries for the following: a. Purchase of Texas Suppliers' stock b. Receipt of dividends c. Sale of Texas Suppliers' stock 6. Sales + OR – = Cash received from customers 7. Cost of merchandise sold + Increase in inventories OR - AND + OR - = Cash payments for merchandise 8. + Decrease in accrued expenses payable - Increase in accrued expenses payable = 9. Interest expense + - Increase in interest payable = Cash payments for interest 5. Brady's Brunch purchases 10% of the outstanding stock of Texas Suppliers for $35,000 on January 1, 20Y5. On May 15, 20Y5, Brady's Brunch receives $1,000 in dividends from Texas Suppliers. Brady's Brunch sells half of the stock in Texas Suppliers for $18,900 on November 25, 20Y5. Prepare the journal entries for the following: a. Purchase of Texas Suppliers' stock b. Receipt of dividends c. Sale of Texas Suppliers' stock 6. Sales + OR – = Cash received from customers 7. Cost of merchandise sold + Increase in inventories OR - AND + OR - = Cash payments for merchandise 8. + Decrease in accrued expenses payable - Increase in accrued expenses payable = 9. Interest expense + - Increase in interest payable = Cash payments for interest
Expert Answer:
Answer rating: 100% (QA)
a Marketable Securities ac 35000 to Bank ac 35000 b Ba... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-1305084858
12th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
Students also viewed these accounting questions
-
In 2009 Yoda Company purchased all of the outstanding stock of SOLO Company at book value. Yoda accounts for its purchase of SOLO using initial value and SOLO does not pay any dividends. On January 1...
-
Australias CGT system in the past utilized indexation to ensure that only after-inflation gains were subject to CGT. Currently, newly acquired assets are generally subject to discounting rather than...
-
3.7.) 37 1) Are f(x)=x-2 & glx = x-2 hverses? 2) given4y+2X=12 find 2.) given the inverse for the functies of f 2) the Inverse for the function of X for extra prachter To H & onto for both fuochons
-
In Exercises find the derivative of the algebraic function. f(x) = (2x + 5x)(x 3)(x + 2)
-
In the EMS before September 1992, the Italian lira/DM exchange rate could fluctuate by up to 2.25 percent up or down. Assume that the lira/DM central parity and band were set in this way and could...
-
The POPAI Consumer Buying Habits Study also revealed that the highest average brand lift index from signage (rather than displays) in mass merchandise stores was dishwashing soaps, with an index of...
-
You have been speaking to a friend who owns a small business, and she has said that she has read something about strategic management and that no modern business can afford not to get involved with...
-
Figure shows the BOMs for two products. A and B. Table shows the MPS quantity start date for each one. Table contains data from inventory records for items C, D, and E. There are no safety stock...
-
Assume that the amount of one of a company s variable expenses in its flexible budget is $ 4 0 , 0 0 0 . The actual amount of the expense is $ 4 2 , 0 0 0 and the amount in the company s planning...
-
What are the triads using roman numerals and figured bass numbers for this excerpt? 30-3. Use Roman numerals and figured bass numbers to identify triads in these works. a. Schubert, "Death and the...
-
what are the basis of choosing the 7 elements for the factor rating of choosing hard rock caf next location. elements are demographics, transportation, low political risk, real estate market,...
-
Enterprise Resource Planning software (ERP) Question 11 options: integrates data and provide managers with reports that highlight the interdependence of different business activities. is used only by...
-
There is an ideal dipole located at the origin and aligned along the positive y direction. By "ideal," we mean that it is described exactly by the electric potential V = p cos 2 Note that, in this...
-
Required Information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion...
-
What does a SWOT analysis of Panera Bread reveal about the overall attractiveness of its situation? Does the company have any core competencies or distinctive competencies? Select one of the...
-
A fundamental difference between healthcare business models and other sectors of the US economy is that a. Health care is a heavily regulated industry b. Healthcare costs are soaring but so are...
-
The average inventory in the supply chain due to either production or purchases in lot sizes that are larger than those demanded by the customer is a. physical inventory. b. cycle inventory. c. annual
-
What are the six activities involved in the physical supply/distribution system?
-
What will be the effect of the above acquisition on cash flow statements prepared in periods after the year of the purchase?
-
Remeasurement and subsequent translation of financial statements and hedging against a translation adjustment. Moser International, a U.S. corporation, acquired a 100% interest in Gilmore...
-
Smith Company is acquired by Roan Corporation on July 1, 2015. Roan exchanges 60,000 shares of its $1 par stock, with a fair value of $18 per share, for the net assets of Smith Company. Roan incurs...
-
Explain what is meant by feedforward control and distinguish it from feedback control. R-1
-
Computing Ending Balance of Retained Earnings LO1-1 Sultan Inc. was organized on January 1, 2020. It reported the following for its first two years of operations: Required: Compute the ending balance...
-
What is meant by a variance? What is the point in analysing variances? R-2
Study smarter with the SolutionInn App