On January 1, 2018, Wallace, Inc. decides to invest in 7,200 shares of Dressage stock when the stock is selling for $ 20 per share. On June 1, 2018, Dressage paid a $ 1.00 per share cash dividend to stockholders. On December 31, 2018, Dressage reports net income of $ 80,000 for 2018. Assume Dressage has 18,000 shares of voting stock outstanding during 2018 and Wallace has significant influence over Dressage. 1. Identify what type of investment the Dressage stock is for Wallace.
2. Journalize the transactions related to Wallace's investment in the Dressage stock during 2018.
3. In what category and at what value would Wallace's report the investment on the December 31, 2018, balance sheet?
REQUIREMENT 1:
Wallace's investment would be investment.
a. a controlling interest
b. a held-to-maturity
c. a no significant influence
d. a significant influence
e. an available-for-sale
REQUIREMENT 2:
1) January 1:Wallace Inc. decides to invest in 7,200 shares of Dressage stock when the stock is selling for $20 per share.
Debit Credit
2) June 1: Dressage paid a $1.00 per share cash dividend to stockholders
Debit Credit
3) December 31: Dressage reports net income of $80,000 for 2018.
Debit Credit
REQUIREMENT 3:
In what category and at what value would Wallace's report the investment on the December 31, 2018 balance sheet?
Wallace would report a ( long term assets, long term liability, short term asset, short term liability) of $ on the December 31 2018 balance sheet

Why is it vital to maintain a designer worksheet? a. it separates the designs chosen for the season from those rejected by the company. b. it keeps a record of all designs created by the designer for a season. c. it charts out the development of an entire line through the season and beyond. d. it tracks the development of a design along with costing and production details. done

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Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be: