Prepare a tabulation showing the balance sheet presentation

Assignment Help Financial Accounting

Reference no: EM133434359

Question: Trading Securities Before its acquisition by Royal Dutch Shell, Pennzoil Company held a portfolio of trading equity securities that cost $660,100,000 and had a market value of $955,182,000 on January 1. Assume that the same portfolio was held until the end of the first quarter of the year. The mar- ket value of the portfolio was $980,160,000 at January 31, $940,000,000 at February 29, and $960,000,000 at March 31.

1. Prepare a tabulation showing the balance sheet presentation and income statement presenta- tion for monthly reporting purposes.

2. Show the journal entries for January, February, and March.

3. How would your answer to requirement 1 change if the securities were classified as available- for-sale?

Reference no: EM133434359

Questions Cloud

Characteristics of successful public relations campaign : What are the major characteristics of a successful public relations campaign, and how do they relate to each other? Please provide credible sources.

What is the cross sectional area : What is the Cross sectional area (A), b) wet perimeter (P), c) Hydraulic radius (Rh), d) the uniform flowrate (Q), e) the average velocity

Waterplane and the reading of the forward marks : the reading of the after marks is observed to change to 5.14 m. Deduce the position of the CF of the waterplane and the reading of the forward marks

What should doubtful debts expense account be in chart : What should Doubtful debts Expense account be in chart of accounts in myob have tried to put it in expense but not allowing should it be asset

Prepare a tabulation showing the balance sheet presentation : How would your answer to requirement 1 change if the securities were classified as available- for-sale

Identify an organizational-level goal that would be : Identify an organizational-level goal that would be incorporated into an annual business strategy (e.g., financial performance, service, productivity

What did you gain from reading these articles : As you reflect on this reading, which specific topic or issue resonates the most with you? Why? What big question relating to partnerships between academic

Determine if the business combination results in goodwill : Determine if the business combination results in goodwill or gain on bargain purchase and Top Ltd is a renowned merchandising brand which has been in business

Identify a recent initiative in your school : Identify a recent initiative in your school. What was the focus of the change? Was the change successful? Why or why not? -share a few thoughts.

User Account

All Pages