User Account

All Pages

Discuss the investments are classified as trading securities

Assignment Help Accounting Basics
Reference no: EM131765610

Hello Awakhal I'm willing to pay 15.00 if you can do this on excel

At December 31, 20x1, the available-for-sale equity security portfolio for Dunn, Inc., is as follows:
Security Cost Fair Value
A $17,500 $15,000
B 12,500 14,000
C 23,000 25,500
Total 53,000 54,500

Previous unrealized holding gain/loss balance - Cr. 400

On January 20, 20x2, Dunn sold security A for $15,200, and paid a brokerage fee of $100.

Required:

Prepare the adjusting entry at December 31, 20x1.

Show the balance sheet presentation of the investment related accounts at December 31, 20x1.

Prepare the journal entry for the sale of security A.

Do Questions 1, 2 & 3, assuming the investments are classified as trading securities. For this question, ignore the previous balance of unrealized holding gain/loss.

Reference no: EM131765610

Questions Cloud

Discuss compute diluted earnings per share : The company had 2,650,000 shares of common stock issued and outstanding throughout 2014. Compute diluted earnings per share for 2014
Define the advantage of discounts from the vendor : Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $37,000 in inventory.
Compute the breakeven point in units for the company : Tiger Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures distance. Compute the breakeven point in units for the company
What are genome projects and dna fingerprinting : What are genome projects and DNA fingerprinting? What are some pros and cons of each issue? Do you support each issue? Explain.
Discuss the investments are classified as trading securities : assuming the investments are classified as trading securities
What is the strand after dna duplication : A DNA sequence of 5-CGGA-3, cytosine is deaminated to uracil. What is the strand after DNA duplication?
With high degree of but not perfect accuracy : Assume that a testing company approached you and indicated they had developed a test to predict, with a high degree of but not perfect accuracy
Primary advantage that pledging accounts receivable : The primary advantage that pledging accounts receivable provides is a. the flexibility it gives to the borrower. b. that the financial institution bears.
Affect your assessment of his readiness for promotion : Would the fact that the employee was seeking to enroll in your company’s EAP affect your assessment of his readiness for promotion?

Reviews

Write a Review

Accounting Basics Questions & Answers

  A companys payroll runs 2800 every two weeks 200 per day

a companys payroll runs 2800 every two weeks 200 per day the last pay day was friday december 19th and the next pay day

  Determine the equivalent units for direct materials

These units were 50% complete with respect to materials. Use this information to determine the equivalent units for direct materials

  Discuss the tax consequences of contributing cash

Discuss the tax consequences of contributing cash, property, and/or services to the new entity (discuss only for the entity you have recommended)

  Review problem-accounts receivable and sales transactions

(Accounts receivable and sales transactions; comprehensive problem) Camp Bryn Mawr, a summer camp, started the year with cash of $40,000, land costing $300,000.

  Company break-even point in dollar sales

Scott Company's variable expenses are 70% of sales. The company's break-even point in dollar sales is $2,420,000. If sales are $53,000 below the break-even point, the company would report a:

  Problem regarding the accounts payable records

Surveying the accounts payable records, a clerk in the controller's office noted that expenses appeared to rise significantly within a month of the close of the budget period.

  During the period, labor costs incurred on account amounted

From the following, select the entry to record the factory overhead applied to production.

  The cost method of accounting for the purchase amp sale of

true or false1. the cost method of accounting for the purchase amp sale of treasury stock is a commonly used method.2.

  Entrias based on bank reconciliation

The following data 14 ere accumulated for use in reconciling the bank account of Zek's Co. for May 2016: 1.  Cash balance according to the company's records at May 31, 2016, $22,110.

  Total bond interest expense over the bond

Compute the total bond interest expense over the bonds' life. Prepare the journal entries to record the first two interest payments.

  Ending accounts receivable balance

Assuming all sales were made on account, compute the ending accounts receivable balance that should appear in the ledger, noting any apparent shortage. Then, draft a memo dated October 3, 2010, to Mark Price, the branch manager, explaining the fac..

  Kirkland plumbing company is a newly formed company

kirkland plumbing company is a newly formed company specializing in plumbing services for home and business. the owner

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd