Assume that Horicon Corp acquired 25% of the common stock of Sheboygan Corp. on January 1 for $300,000. During the year Sheboygan Corp. reported net income of $160,000 and paid total dividends of $60,000. What entry would Horicon make to record the receipt of the dividend from Sheboygan?
A. Debit Cash and credit Revenue from Investment in Sheboygan Corp.
B. Debit Dividends and redit Revenue from Investment in Sheboygan Corp.
C. Debit Cash and credit Stock Investments
D. Debit Cash and credit Dividend Revenue.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Which feature is a characteristic of a corporation?

Sue now has $125. how much would she have after 8 years if she leaves it invested at 8.5% with annual compounding? a. $205.83b. $216.67c. $228.07d. $240.08e. $252.08