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PE-2 In January 2012, the management of Sarah Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 1,200 shares of NJF common stock for $50,600 plus brokerage fees of $1,000. Mar. 1 Purchased 500 shares of SEK common stock for $18,000 plus brokerage fees of $500. Apr. 1 Purchased 70 $1,000, 8% CRT bonds for $70,000 plus $1,200 brokerage fees. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.80 per share on the NJF common stock. Aug. 1 Sold 200 shares of NJF common stock at $42 per share less brokerage fees of $350. Sept. 1 Received $2 per share cash dividend on the SEK common stock. Oct. 1 Received the semiannual interest on the CRT bonds. Oct. 1 Sold the CRT bonds for $77,000 less $1,300 brokerage fees. At December 31, the fair values of the NJF and SEK common stocks were $39 and $30 per share, respectively. Instructions (a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T account form.) (b) Prepare the adjusting entry at December 31, 2012, to report the investments at fair value. All securities are considered to be trading securities. (c) Show the balance sheet presentation of investment securities at December 31, 2012. (d) Identify the income statement accounts and give the statement classification of each Account.
If it began the quarter with an $18,000 inventory at cost and purchased $72,000 of merchandise during the quarter, its estimated ending inventory by the gross profit method is:
How many units were started into production in Department 1?
the auditors of loopy limited wish to use a structured approach to non-statistical sampling to evaluate the
A company expected its annual overhead costs to be $900,000 and direct labor costs to be $1,000,000. Actual overhead was $870,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent..
There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.
Prepare a forecasted contribution margin income statement for 2012 that shows the expected results with the machine installed. Assume that the unit sales price and the number of units sold will not change, and no income tax will be due.
the balance sheet at december 31 2013 for nevada harvester corporation includes the liabilities listed belowa. 11 bonda
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the cost of equipment purchased by charleston inc. on june 1 2012 is 217160. it is estimated that the machine will have
henkel company is considering three long-term capital investment proposals. each investment has a useful life of 5
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