User Account

All Pages

Journalize the foregoing transactions

Assignment Help Accounting Basics
Reference no: EM131942222

Question - During the fourth quarter of 20X6, Cablevision, Inc., generated excess cash, which the company in securities, as follows:

Nov. 12 - Purchased 1,000 shares of common stock as a trading investment, paying $9 per share.

Dec. 14 - Received cash dividend of $0.32 per share on the trading investment.

Dec. 31 - Adjusted the trading investment to its market value of $7.50 per share.

REQUIRED:

1. Prepare T-accounts for: Cash, balance of $20,000; Short-Term Investment; Dividend Revenue; Unrealized Gain on Investment (or Unrealized Loss on Investment)

2. Journalize the foregoing transactions and post to the T-accounts.

3. Show how to report the sort-term investment on the Cablevision balance sheet at December 31.

4. Show how to report whatever should appear on Cablevision's income statement.

5. Cablevision sold the trading investment for $8,000 on January 10, 20X7. Journalize the sale.

Reference no: EM131942222

Questions Cloud

Accepting the project will increase the value of the firm : If NPV of a project is greater than zero, accepting the project will increase the value of the firm's stock. Why must IRR be greater than cost of capital?
Determine the present value of the operating savings : Determine the present value of the operating savings: Present value of saving = savings per year X discounted rate.
Standard deviation on the minimal variance portfolio : What do you see happening to the portfolio volatility and why? What are the expected return and standard deviation on the minimal variance portfolio?
What type of advice would you give him : You have another friend that already has a sizable amount saved for his retirement, but he wants to retire in 10 years. What type of advice would you give him.
Journalize the foregoing transactions : Show how to report the sort-term investment on the Cablevision balance sheet at December 31. Journalize the foregoing transactions and post to the T-accounts
Start and grow a business : What sources of capital are use to start and grow a business? Use one hundred words or more.
What is the economic significance of the level of production : Determine the level of output at whichP'(x) = 0. What is the economic significance of the level of production determined in part (b) above?
Economic conditions probability return b return : Find the expected return and standard deviation of portfolio B.
Prepare journal entries to record the preceding transactions : Prepare journal entries to record the preceding transactions of Shadrach Computer Corporation for 2013. Include year-end accruals

Reviews

Write a Review

Accounting Basics Questions & Answers

  A company plans to decrease a 200 petty cash fund to 75 the

a company plans to decrease a 200 petty cash fund to 75. the current balance in the account includes 45 in receipts and

  Variable costing fell out of favor in management

Variable costing fell out of favor in management circles because:

  What amount is cash provided by operating activities

During the year, Samuels reported net income of $300,000, Applying the indirect method, what amount is cash provided by operating activities

  The josetti partnership has total partners equity of 380000

the josetti partnership has total partners equity of 380000 which is made up of dopke capital 266000 and hughes capital

  What are important trades-offs involving the inputs

Many times trade-offs are necessary to increase productivity. What are important trades-offs involving the inputs to productivity?

  Determine the depletion cost per board foot

Determine the depletion cost per board foot for the timber harvested prior to the eruption of Mount Leno

  Pennsylvania state identification

During the first week of 2014, the Payroll Department of Omni Corporation is preparing the Forms W 2 for distribution to its employees along with their payroll checks on January 3. In this problem,

  Find what could be the total final payment

Find what could be the total final payment according to the actual contract and the new final payment according to the new proposal. Should the contractor accept the new proposal? Why?

  What is the manufacturing cost per unit

There were no units in beginning or ending WIP inventory in May. What is the manufacturing cost/unit

  Determine the costs assigned to december ending inventory

Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned.

  What is the total amount of interest expense

DeWeese Corporation issues $400,000 of 8%, 5-year bonds on January 1, 2010, at 105. Assuming that the straight-line method is used to amortize the premium, what is the total amount of interest expense for 2010?

  At the 05 level test the claim that the proportion of

at the .05 level test the claim that the proportion of defects for cd burners is 0.3. a sample of 200 randomly selected

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