For each of the following situations, indicate the amount shown as a liability on the balance sheet of Cooper, Inc., at December 31: c. During November and December of the current year, Cooper sold products to a firm and guaranteed them against product failure for 90 days. Estimated costs of honoring this provision next year are $2,200.   Answer   d. On December 15, Cooper declared a $60,000 cash dividend payable on January 15 of the following year to shareholders of record on December 31.   Answer   e. Cooper provides a profit-sharing bonus for its executives equal to five percent of the reported before‑tax income for the current year. The estimated before‑tax income for the current year is $800,000

It is year 1, the White Caps Ltd.’s first year of operations. White Caps Ltd. had the following transactions regarding their investments: May 1 Purchased 600 Jerry Co. common shares for $180 per share. This investment is classified as held for trading. June 1 Purchased 1,000 bonds of Larry Inc. at $300 each. These bonds pay interest at a rate of 6%, paid semi-annually on November 30 and May 31. These bonds were also purchased for trading purposes. July 1 Purchased 4,000 Barry Ltd. common shares for $210 per share. These shares represent 25% of the issued common shares of Barry ltd. Because of this investment, the directors of Barry Ltd. invited a White Caps Ltd. executive to sit on their board. Sept. 1 Received a $3-per-share cash dividend from Barry Ltd. Nov. 1 Sold 200 Jerry Co. common shares for $189 per share. 30 Interest on the Larry Inc. bonds was received. Dec. 15 A $0.50-per-share cash dividend on Jerry Co. common shares was received. 31 As of this date,…

applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $104,000 in current E&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E&P was $12,480. Lone Star declared $31,200 in cash distributions on each of the following dates: April 1, July 1, October 1, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. b. Suppose that Matt owned all Lone Star's shares at the beginning of the year and sold half of the shares to Chris on June 1st for $41,600. How much dividend income will Matt recognize this year? Answer is complete but not entirely correct. Dividend recognized $ 166,400 X

Meman

On January 1, Tasty Foods purchased 10,000 shares (100%) of Eco-Safe Packaging’s voting stock for $12 per share. Throughout the year, both companies continue to operate as separate legal entities. By December 31, Eco-Safe Packaging’s cash balance is $2,000, and Tasty Foods’ cash balance is $5,000. In preparing its year-end financial statements, for how much would Tasty Foods report its cash balance? a. $7,000.b. $5,000.c. $3,000.d. $2,000.

For Year 1, prepare any journal and adjusting entries related to the investment in Band Inc.

Concord Co. purchased 1,150 shares of Sugarland Company for $18 each this year and classified the investment as a trading security. Concord sold 270 shares of the stock for $21 each. At year end the price per share of the Sugarland Company had increased to $22.Prepare the journal entries for these transactions and any year-end adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.)     enter an account title to record the sale enter a debit amount enter a credit amount enter an account title to record the sale enter a debit amount enter a credit…

Lone Star Company is a calendar-year corporation, and this year Lone Star reported $122,000 in current E&P that accrued evenly throughout the year. At the beginning of the year, Lone Star’s accumulated E&P was $14,640. At the beginning of the year, Lone Star’s sole shareholder was Matt McCon. Lone Star declared $36,600 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) b. Suppose that Matt sold half of his shares to Chris Coop on June 1st for $51,000. How much dividend income will Matt recognize this year? Dividend recognized: c. If Matt’s basis in his Lone Star shares was $8,100 at the beginning of the year, how much capital gain will he recognize on the sale and distributions from Lone Star? Capital gain recognized on the sale and distribution:

On January 1, Year 5, Anderson Corporation paid $864,000 for 27,000 (20%) ofthe outstanding shares of Carter Inc. The investment was considered to be one of significantinfluence. In Year 5, Carter reported profit of $102,000; in Year 6, its profit was $112.00O. Dividends paidwere $67,000 in each of the two years. Required A Calculate the balance in Anderson's investment account as at December 31, Year 6.

Sunland Corporation purchased  370 shares of Sherman Inc. common stock for $ 13,100 ( Sunland does not have significant influence). During the year, Sherman paid a cash dividend of $ 3.00 per share. At year-end, Sherman stock was selling for $ 37.50 per share.Prepare Sunland's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) enter an account title to record the purchase of the investment enter a debit amount enter a credit amount   enter an account title to record the purchase of the investment enter a debit amount enter a credit amount (b) enter an account title to record…