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.

Two individuals organized Teacup company as a corporation; each contributed $27,000 cash to start the business and received shares of stock. The store completed its first year of operations on December 31, 2020. On that date, the following financial items for the year were determined: cash on hand and in the bank, $29,400; amounts due from customers from sales of books, $22,500; equipment, $58,900; amounts owed to publishers for books purchased, $7,000; one-year notes payable to a local bank for $23,200. No dividends were declared or paid to the stockholders during the year.  On December 31, 2020, what is the total retained earnings of Teacup? $______

NSYNC Realty, Incorporated, has been operating for three years and is owned by three investors. JC Chasez owns 60 percent of the total outstanding stock of 9,090 shares and is the managing executive in charge. On December 31, current year, the following financial items for the entire year were determined: commissions earned and collected in cash, $152,900, plus $17,600 uncollected; rental service fees earned and collected, $21,900; salaries expense paid, $62,660; commissions expense paid, $35,130; payroll taxes paid, $2,400; rent paid for January through November, $2,530 (not including December rent yet to be paid); utilities expense paid, $2,000; promotion and advertising paid, $7,550; income taxes paid, $23,300; and miscellaneous expenses paid, $450. There were no other unpaid expenses at December 31. Also during the year, the company paid the owners “out-of-profit” cash dividends amounting to $11,900. Complete the following income statement: Revenues: Commissions earned Rental…

We own 35% of Smith corporation, please prepare journal entries for the following events under the appropriate method of accounting. Smith corporation has $100,000 of Net Income for the year. Smith distributes $50,000 to its shareholders in distributions. Our investment in the Smith corporation stock increased by $20,000 during the year.

Collette​'s Cookie Company provided the following account balances from its​ year-end trial balance. During the​ year, Collette issued​ no-par common stock. The proceeds of the new issue were $20,000 . The company is subject to a 40​% income tax rate. The beginning balance in common stock was $460,000 . Collette’s Cookie CompanyTrial Balance (Selected Accounts)For the Current Year Ended December 31AccountDebitCreditRetained Earnings, Beginning Balance $1,100,300Accumulated Other Comprehensive Income, Beginning Balance$52,350 Dividends54,000 Sales 1,100,000Interest Income 3,300Dividend Income 3,650Gain on Sale of Property 6,500Gain on Disposal of Plant Assets 85,000Unrealized Gain on Trading Investments 27,350Unrealized Gain on Available-for-Sale Bonds before Tax 3,400Gain on Sale of Discontinued Operations before Tax 50,600Cost of Goods Sold400,000 Selling Expenses33,000 Office Supplies Expense56,700 Amortization Expense11,500 Sales Salaries Expense24,000 Advertising Expense23,000…

The trial balance of Plano Company included the following accounts as of December 31, 2024:   Debits Credits Sales revenue   $ 622,000 Interest revenue   76,000 Gain on sale of investments   126,000 Cost of goods sold $ 440,000   Selling expense 134,000   Interest expense 24,000   General and administrative expenses 88,000   Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a single-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places.

Prepare closing entries for the current year of Goldfinger Corporation: Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger's common stock during the year.

Builders Company Inc. sells heavy-construction equipment. It has 10,000 common shares outstanding and its fiscal year ends on December 31. The adjusted trial balance was taken from the general ledger on December 31, 2020: Account Titles Cash Accounts receivable (net) Inventory Property, plant, and equipment Accumulated depreciation Liabilities Common shares Retained earnings, January 1, 2020 Sales revenue Sales returns and allowances Cost of sales Selling expenses Administrative expenses Bad debt expense Sales discounts Income tax expense Totals Debit $33,600 14,400 52,000 40,000 5,600 78,400 13,600 14,400 1,600 6,400 7,680 $267,680 Credit $ 16,800 24,000 72,000 9,280 145,600 $267,680 Required: 1. Prepare a multiple-step statement of earnings (showing both gross profit and earnings from operations). Treat sales discounts as contra revenues. 2. The beginning balance of accounts receivable (net) was $16,000. Compute the gross profit percentage and receivables turnover ratio and explain…

Shamrock Co. had purchased 230 shares of Washington Co. for $37 each this year (Oregon Co. does not have significant influence). Shamrock Co. sold 100 shares of Washington Co. stock for $41 each. At year-end, the price per share of the Washington Co. stock had dropped to $31. Prepare the journal entries for these transactions and any year-end adjustments. (List all debit entries before credit entries. 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 O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3.

b. Suppose that Matt sold half of his shares to Chris Coop on June 1st for $40,000. How much dividend income will Matt recognize this year? Dividend recognized Show Transcribed Text G o c. If Matt's basis in his Lone Star shares was $7,000 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