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
Create a PlayList class that takes a list of sounds and play them one at a time.
What do we mean by work motivation, and how does it relate to individual performance in the workplace? Why is individual work motivation important to organizational success? (L01)
Inventory Costing MethodsPeriodic System Following is an inventory acquisition schedule for Weaver Corp. for 2010: During the year, Weaver sold 12,500 units at $12 each. All expenses except cost of...
Manufacturing overhead budget - 10 minutes Marigold Company budgets labour hours for the third quarter of 2021 as follows: July August September Quarter Units sold 40.000 50,000 65.000 155.000 The...
For each of the following, compute the future value: Present Value Years Interest Rate Future Value $ 2,597 11 13% 7,834 7 81,286 14 12 213,612 16 6
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...
A classification algorithm was used to predict Yes/No values for a given training data set, and then the results were applied to 100 observations in a testing data set. The actual Yes/No values and...
What is a transistor, and what are its types?
Discuss the emerging role of nanotechnology in electrical engineering, focusing on its applications in enhancing electrical components like batteries, supercapacitors, and sensors.Explore the...
1. As resistors are added in parallel to an existing circuit, what happens to the voltage drop measured across each resistor? 2. In the circuit shown on the right, which path (left or right) will...
Assume that a survey of the 20 employees in your department found that 90 percent of them were basically satisfied with their jobs. What are the implications for you as a manager? lop4
1-Stern observed all of the following results EXCEPT _______ in his experiment. A-one of the recombinant phenotypes was associated with an X chromosome of normal length B-the number of car, B+ male...
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...
Accounting changes fall into one of three categories. Identify and explain these categories and give an example of each one.
Machinery is purchased on May 15, 2015 for $120,000 with a $10,000 salvage value and a five year life. The half year convention is followed. What method of depreciation will give the highest amount...
Flint Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2...

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