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On December 31, 2011, Walden owned the following securities that are held as a long-term investment. The securities are not held for influence or control of the investee.On this date, the total fair value of the securities was equal to its cost. In 2012, the following transactions occurred:
Received $1 per share semiannual cash dividend on Y Co. Common Stock.8 Received 4,000 shares of X Co. Common Stock in a 3 for 1 stock split.
Required:
(a) Journalize the two transactions above. If no journal entry is required put N/A next to the date.
(b) Assuming at December 31, 2011 the fair values per share of the common stocks were: X Co. $10, Y Co. $8, and Z Co. $5prepare the adjusting entry to show the securities at fair value assuming they are classified as "available-for-sale securities".
(c) Indicate where any unrealized gain/loss would be reported .
Delta Life Insurance Co. prepares its financial statements on an accounting basis insurance companies use pursuant to the rules of a state insurance commission. If Wall, CPA, Delta's auditor, discovers that the statements are not suitably titled, ..
The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January:The activity variance for personnel expenses in January would be closest to:
Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization. Show how the bond liability and the related accounts will appear on the Balance Sheet of Sloan on December 31, 2004.
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write true or false for statements given below1. bondholders are crditors of the issuing corporation.2. bondholders
Q-Chip Plus has variable costs per unit of $35 and a selling price of $65. Konerko's fixed costs are $540,000. How many units of Q-Chip would be sold at the break-even point?
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arrow industries employs a standard cost system in which direct materials inventory is carried at standard cost. arrow
Purchases inventory costing $5,600 on account from Smoot Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash.
this is for government and not for profit governemtal accounting.financial statements must be adjusted to ensure proper
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